Heineken takes full ownership of London’s Beavertown Brewery
Heineken has purchased all remaining shares of Beavertown, meaning it now has full ownership of the London brewery.
The Dutch brewer snapped up a minority share in the North London craft brewer in 2018.
The two firms did not reveal the purchase amount for the remaining shares on Wednesday.
Within the latest deal, Beavertown founder Logan Plant is to step down as CEO and take up a new advisory role while Heineken craft development director Jochen Van Esch will step into his shoes.
The new agreement is anticipated to help Beavertown grow significantly, with the possibility of up to 50 new jobs being created.
Heineken purchased a full stake in South London’s Brixton Brewery last year, after acquiring a minority stake in 2017.
Beavertown’s success was “something I could never have predicted” when Logan Plant created the business in his kitchen a decade ago, the founder explained.
“From brewing in a rice pan to one of the most successful British brewers in recent years, employing over 160 people and brewing 360,000 hectolitres of beer,” he added.
Plant said he was “extremely proud” of the agreement with Heineken, dubbing it as the “natural next step” for the company.
The journey of the brewery would “not see huge change,” Van Esch explained. He said the strategy was “right”, with the brand in growth, “a fantastic culture and work ethos ” and many fans of the beers.
“We will support, invest and grow the company, and I am incredibly excited about the future,” Van Esch added.
Last month, Heineken said it had seen beer sales leap in the first half of the year, despite growing pressures on consumers’ budgets.
The drinks behemoth had seen “demand resilient until now despite mounting inflationary pressures on consumers’ disposable income,” according to Heineken chairman and CEO Dolf Van Den Brink.
However, the brewer warned increasing costs meant it was scrapping its margins target for 2023, now aiming for a mid-to high single-digit percentage increase in operating profit.
Beer volume increased 7.6 per cent in the first half, with sales accelerating in the second quarter as areas in the Asia-Pacific region recovered from Covid lockdowns.
Sales also saw a rebound in the Americas and Europe, as punters continued to flock back to bars and restaurants after pandemic restrictions eased.