St. Louis-based Anheuser-Busch announced its intention to purchase craft brewer 10 Barrel Brewing Co., Bend, Ore.
"For the past eight years, we've been brewing beer, drinking beer and having fun doing it," said 10 Barrel Co-founder Jeremy Cox, in a statement. "We are excited to stay focused on brewing cool beers, get our beers in more hands, and make the most of the operational and distribution expertise of Anheuser-Busch.”
After the acquisition, Cox will continue to lead the brewery along with his partners, Co-founder and brother Chris Cox and Garrett Wales. 10 Barrel expects to sell approximately 40,000 barrels of beer in 2014. Apocalypse IPA, the brewer's most popular beer, accounts for nearly half of the company's total volume, it reports.
"10 Barrel, its brewers and their high-quality beers are an exciting addition to our high-end portfolio," said Andy Goeler, chief executive officer of craft for Anheuser-Busch, in a statement. "The brewery is a major contender in the Northwest, an area with a large number of craft breweries. We see tremendous value in the brewery's unique offerings and differentiated style, which 10 Barrel fans know and love."
In addition to the Bend brewery, the acquisition will include the company's existing brewpubs in Bend and Boise, Idaho. In addition, a Portland, Ore., brewpub is scheduled to open in early 2015.
Anheuser-Busch's purchase of 10 Barrel is expected to close by the end of 2014. Terms of the agreement were not disclosed.