Fort Collins-based brewing company New Belgium pulled San Francisco's Magnolia Brewing out of bankruptcy in a $2.7 million deal.
This new acquisition of the San Francisco brewing company by New Belgium doesn't mean that there are plans to mix the brands. The Fort Collins-based brewery was looking to diversify and expand its community, and they're meeting that goal with Magnolia.
According to a
press release, the new partnership will be a "majority-owned subsidiary of New Belgium." Minority partners include Dick Cantwell, founder of Elysian, and Oud Beersel, a Belgian lambic producer. This partnership between the three will continue to operate the breweries separately, with Magnolia Brewing keeping their staff and SF locations intact.
Dave McLean, founder of Magnolia, said in a
statement:
I'm incredibly grateful for this opportunity to see Magnolia start a new chapter and to be working with New Belgium, Dick Cantwell and Oud Beersel to preserve what we all love about Magnolia while embarking on some exciting new craft beer adventures together."
Magnolia was founded in 1997 and is located in the famous Haight-Ashbury district. The brewery has been a local favorite ever since. What makes the brewery unique is that it brews in its own basement, something most companies would never do. From a wide variety of award-winning beers, Magnolia's most well-known brews are Proving Ground IPA and Kalifornia Kolsh.
The sale, which has to follow customary closing conditions, will be completed in September.
What are your thoughts on New Belgium's new acquisition? Let us know in the comments below.
Photos courtesy of New Belgium and Facebook.
