Deal brewing to sell Founders to Spain company

Grand Rapids
People outside Founders Brewing Company

A July 25, 2019 photo shows people celebrating Founders Fest at Founders Brewing in Grand Rapids.

GRAND RAPIDS, Mich. (WOOD) — The owners of Founders Brewing Co. are selling the majority of their business to a company in Spain.

Company co-founder Mike Stevens confirmed the pending deal in a message sent to employees Thursday.

“This is a great day for all of us and a critical milestone in us becoming America’s Next Great Brewery,” he wrote.

MiBiz says the Grand Rapids-based brewery filed documents with the state last week outlining the pending deal with Spain’s Best Beer Inc., which is an affiliate of Mahou-San Miguel Group based in Madrid. The agreement would increase Spain’s Best Beer, Inc.’s share of Founders from 30% to 90%.

In his message to employees, Stevens said Mahou Group will be buying out all Founders shareholders except for company co-founder Dave Engbers and himself, who “have no intention of leaving.”

Stevens told employees that Founders’ current leadership team will remain intact even after the deal closes, which he expects to happen in January, pending approval from state and federal regulators.

The company tells MiBiz that daily operations will also remain unchanged.

“We will continue to make the beers we love and have a partner in Mahou Group, which is just as passionate about beer and our brewery’s future as we are,” Stevens’ message to employees message states.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Know something newsworthy? Report It!

News 8 Links