US/BELGIUM: Duvel Moortgat agrees deal to buy Boulevard Brewing Company
Duvel is to up its footprint in the US
Belgium brewer Duvel Moortgat is set to up its US footprint after agreeing to acquire a majority stake in craft producer Boulevard Brewing Company.
In a statement issued yesterday (17 October), the privately-owned Duvel said it has agreed terms to “join forces” with the Kansas City, Missouri-based brewer. Boulevard is currently the US's twelfth largest craft brewer, with 150 employees and its beers available in 25 states.
John McDonald, Boulevard’s founder, will retain a “minority” stake in the company and sit on the board. It remains unclear how big Duvel's stake in Boulevard will be, or the price it has agreed to pay. Website Beer Business Daily quoted sources suggesting the figure was around US$100m.
In an open letter on Boulevard’s website, McDonald, who set the company up 24 years ago, said: “After spending a lot of time getting to know the company (Duvel) and its people, I am confident this is the right decision.”
He added: “Be assured that this is not goodbye.”
Duvel's CEO, Michel Moortgat, said: “We have a lot of respect for each other, but also for brewery and of course for beer. We believe that exceptional quality and innovation is the best base for the future."
Duvel already has a separate US unit, which employs around 100 people, and handles its Chouffe, Liefmans and namesake brands in the country. New York's Ommegang brewery, which Duvel took full control of in 2003, is also part of the unit.
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