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Tenth & Blake Announces Majority Interest in Terrapin

Craft Business Daily:

It’s been long-rumored, and now it’s official: MillerCoors’s craft/import division, Tenth & Blake, has just announced an agreement to acquire a majority interest in Athens, Georgia-based Terrapin Beer Company. Recall that T&B had previously purchased a minority interest in Terrapin in early 2012.

The transaction is expected to complete in August 2016; terms are not disclosed. First Beverage Group acted as financial advisor to Terrapin, and Spencer Fane LLP provided legal counsel. King & Spalding LLP provided legal counsel to MillerCoors.

The brewery will operate as a business unit of Tenth and Blake. Terrapin’s management and team will reportedly continue to create, brew, package, ship and sell Terrapin’s portfolio of brands.

Terrapin founders Buckowski and John Cochran opened the brewery in 2002 “to craft beers unlike any that were available in the Southeast at the time, choosing Athens as home base because of its distinctive culture and shared appreciation for music.”

They strive to be among the notable IPA brewers of the South. The 84,000-square-foot brewery and 100-barrel brew house creates year-round and seasonal beers including Hopsecutioner, HI-5, RecreationAle, and Rye Pale Ale.

Last time we checked in with the locally beloved brewer was 2015. They were at about 50,00 barrels, a darling of the local chains and up 50% in their backyard. Those are pretty good stats.

More as it comes in.