London-based craft brewer Camden Town Brewery has been purchased by brewing giant AB InBev, in a deal expected to complete by 7 January.
Though the terms of the deal are not being disclosed, Camden Town will become a wholly-owned subsidiary of AB InBev.
Camden Town was founded by Jasper Cuppaidge in 2010, with a team of three staff. It now employs 95 and sold 12 million pints in 2015. Its beers are available in over 1,000 pubs, bars, restaurants and retailers around the UK, as well as further afield in Sweden, Australia and Japan.
Cuppaidge said: 'Our growth has been phenomenal. To keep up with the demand for our distinctive beers we’ve had to look at expanding our brewing capacity and team. AB InBev is going to be our strategic partner, helping us maintain the character and quality of our beers, while giving us access to the investment we need to drive Camden to being ever more successful at home and abroad.
'Opportunities like this come rarely. We believe we must have the ambition to grab this opportunity and turn Camden Town Brewery, and the quality it stands for, from being an outstanding London brewer to being a world famous one.”
Iain Newell, European director of specialities and craft at AB InBev, said: 'We have a passion for great beer. Camden Town is a creative business with a great range of brands that will complement our existing portfolio. We will support their ambitious plans for the future, using our expertise and global distribution network to help them get their great beer to more people.'
The deal follows a successful bid by Camden Town Brewery to raise capital via crowd funding and will support the company’s plan to build a second brewery in London. Both parties say the deal will enable Camden Town Brewery to brew more of its own products, while maintaining its focus on quality.
The news comes just weeks after it was revealed that SAB Miller will have to sell London brewer Meantime, a mere six months after purchasing it, to satisfy competition rules surrounding the company’s imminent £70bn purchase by brewing giant rival AB InBev.