Thursday, October 17, 2013

Boulevard Brewing Co. has been sold to Belgian brewery Duvel Moortgat

Boulevard Brewing Co. has been sold to Belgian brewery Duvel Moortgat.

Posted By on Thu, Oct 17, 2013 at 2:10 PM

Big news from Boulevard.
  • Big news from Boulevard.
Whoa: About a half-hour ago, The New York Times posted a story on its site revealing that the Duvel Moortgat Brewery of Belgium has purchased Boulevard Brewing Co., the largest craft brewery in Kansas City and the 12th-largest in the country.

The deal is expected to close by the end of the year, and Brewbound is estimating the terms of the deal at around $100 million. Founder John McDonald will keep a minority stake in the company, and ownership and management in Kansas City are expected to remain in place.

Duvel Moortgat, which also owns Brewery Ommegang in Cooperstown, New York, is probably best-known by American beer drinkers as the maker of Duvel, a strong Belgian ale that's not hard to find in the United States.

The agreement was struck earlier this week. Rumors began circulating at around that time. Boulevard CFO Jeff Krum, when asked Monday if the brewery was selling, told The Pitch that the company explores offers routinely.

Boulevard's announcement casts the agreement as a merger of the two independent brewers, although various reports indicate that it was a sale of McDonald's stake to the Belgian company. The deal gives Boulevard the financial resources to expand its facilities. 

Late last year, Boulevard bought warehouse space at 25th Street and Summit, near the company's existing headquarters, from DST Systems. Boulevard planned to move the production of its Smokestack line into that building, signaling early plans to grow the business.

More here.

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