SweetWater Brewing Co. in Atlanta has been gobbled up by Canadian conglomerate Aphria Inc. in a $300 million deal that should close by the end of the year.
Founded in 1997 by Freddy Bensch, SweetWater is famous for its craft beers that include SweetWater 420 Extra Pale Ale and boutique brands like Jack Herer Harvest Ale, Insane OGand G-13 IPA. Sweetwater beers are available in 27 states and on Delta Air Lines flights.
The company also produces the three-day SweetWater 420 Fest in April (this year it was canceled due to Covid-19).
Bensch stated about the sale:
"We're excited by the opportunity to join a leading global cannabis company and build a successful future based on the strengths we both bring to this combination. We'll leverage our growing beverage offering and build an even stronger, more diversified company with a continued focus on authentic and distinctive brands using some of the freshest, most flavorful ingredients to create innovative and high-quality beverages including beers, seltzers, spirits and non-alcoholic beverages that our loyal and growing consumer base has come to expect from SweetWater.”
Aphria chair and CEO Irwin D. Simon commented:
“Our strong balance sheet and access to capital have enabled us to enter the U.S. through this strategic and accretive acquisition. We will establish and grow our U.S. presence through SweetWater’s robust, profitable platform of craft brewing innovation, manufacturing, marketing and distribution expertise. At the same time, we will build brand awareness for our adult-use cannabis brands, Broken Coast, Good Supply, Riff and Solei, through our participation in the growing $29 billion craft-brew market in the U.S. ahead of potential future state or federal cannabis legalization.”
Aphria's stock (APHA) is currently valued at $5.50 per share on the NASDAQ. The company's based in Leamington, Ontario.
