Anheuser-Busch InBev (NYSE: BUD) is set to take over independent beer company Blue Point Brewing Co. for an undisclosed price.
The deal coincides with a movement in which large beer companies are looking to expand their reach and capitalize on the popularity of craft beer.
The transaction would fold a well-known Long Island beer company into a conglomerate of brands that includes Budweiser and Corona, which AB InBev acquired in 2012 for $20.1 billion. (For more coverage, see: The Buyside: AB InBev/Modelo Deal Amplifies Consolidation in Emerging Markets)
AB InBev also owns Stella Artois and Beck’s. The acquisition of Blue Point is expected to close in the second quarter. Blue Point will continue to operate out of its Patchogue, N.Y. headquarters.
Belgium-based AB InBev hopes to “accelerate the growth of the Blue Point portfolio and expand to new markets, while preserving the heritage and innovation of the brands,” says Luiz Edmond, the chief executive of the United States arm of Anheuser-Busch InBev, in a statement.
Blue Point’s brands also include Blueberry Ale, Hoptical Illusion, Sour Cherry Imperial Stout and Toxic Sludge, as well as many seasonal flavors and brews.
Blue Point tapped Ippolito Christon & Co., a St. Augustine, Fla.-based adviser to the beverage industry, to handle the sale. Law firm Ettelman & Hochheiser provided legal counsel.