GRAND RAPIDS, Mich. – Founders Brewing Company will soon have a new owner.
The Grand Rapids-based brewery is selling a majority stake to Mahou-San Miguel Group, a current minority holder in the company based in Spain, according to the report.
The transaction is expected to be complete in early 2020. Co-founders Mike Stevens and Dave Engbers each will retain a 5% stake in the company. The other minority stakeholders are being bought out.
Mahou-San Miguel bought a minority stake in Founders in 2014.
Founders released a statement on the ownership change:
“Since 2014, we’ve enjoyed an excellent relationship with Mahou Group. We’re fortunate to have a partner with whom we can exchange brewing knowledge and business strategy, who also reflects our values as a company. Day-to-day operations will continue to be led by the existing Founders team. We’ll continue to make the beers we love and have a partner in Mahou Group, who is just as passionate about beer and the future of Founders as we are.
Founders will remain autonomous in managing its business, products and teams. Engbers and Stevens will continue to be shareholders in Founders and have no intention of leaving. Their commitment to the brewery will remain and their roles and responsibilities will continue as they are now.”