Avery sells 30 percent ownership to minority investor

BOULDER — Avery Brewing Co. has sold a 30 percent ownership to Madrid-based brewing company Mahou San Miguel.

It’s not the first U.S. purchase that Mahou San Miguel has made. In 2014, it purchased 30 percent of Michigan-based Founders Brewing.

Avery was founded in 1993 and is distributed in 33 states. In 2015, the brewery opened a new 67,000-square-foot facility in Gunbarrel.

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“This new alliance, between two family companies, has been possible thanks to the passion we share for beer and tradition and that we have similar values,” Eduardo Petrossi, CEO of Mahou San Miguel, said in a prepared statement. “We share the commitment with the communities in which we are present, our long-term vision, concern for the sustainability and well-being of individuals and our aim of doing things right, placing the consumer always at the centre of our decisions. This operation strengthens us as the driving Spanish brewer behind the craft sector and will reinforce our positioning in the United States.”

Mahou San Miguel produces more than 70 percent of the Spanish beer consumed globally and is present in 70 companies.

The owners of Avery decided to make the sale in order to continue the brewery’s growth.

“Dad and I decided two years ago that in order to fulfil our vision of the new brewery and all of Avery Brewing’s potential, it made a lot of sense to seek a partner,”  Adam Avery, founder of Avery Brewing, said in a prepared statement.

He added that criteria for a perfect partner were to be a minority investor, privately held and family-owned, among others.

“Mahou San Miguel emphatically checked all of those boxes for us and is our ideal partner for continued growth, remaining faithful to our beers and our culture,” Avery said. “It is with great satisfaction that we stand side by side such a respected family company with a dedicated focus on brewing and the future.”
Financial terms were not disclosed. The deal is subject to approval by regulators.