Sapporo USA has reached an agreement to acquire popular craft brewer Stone Brewing, based in Southern California, the companies announced on Friday.
Stone will continue to brew its beers and retain its brand, management and workforce while Sapporo will produce Sapporo-branded beers for distribution in the United States at Stone breweries in Escondido, CA and Richmond, CA. Virginia, according to a press release.
Sapporo aims to brew 360,000 barrels in the United States by the end of 2024, essentially doubling Stone Brewing’s current output.
The companies said the transaction is expected to close in August. Financial terms of the deal were not disclosed.
Stone Brewing was founded by Greg Koch and Steve Wagner in 1996 in San Marcos, California. Koch announced on his blog on Friday that he would soon be leaving the company.
As part of the agreement, Stone Brewing will continue to operate its seven Tap Rooms and World Bistro & Gardens destinations.
Stone Brewing’s distribution business, Stone Distributing Co., is not part of the sale. It will become an independent company and will continue the current activities.
The operations of Anchor Brewing Co. of San Francisco, acquired by Sapporo USA in 2017, will remain unchanged.