Pyramid Breweries has agreed to another acquisition. The Seattle-based company announced yesterday that it will buy the Berkeley Brewery and Alehouse facility in Berkeley, California.

The acquisition will cost Pyramid US$7m.

The brewer plans to finance the purchase by obtaining a secured loan on the property at competitive market rates. The financing of the acquisition is expected to result in an annual net benefit to the company's cash flows.

Earlier this year, Pyramid Breweries said it will acquire the brewing and brewery-restaurant operations of Portland-based Portland Brewing Company for total consideration of approximately US$4.2m.