Back in 2017, the US craft beer industry was figuring out the best way to get its hands on more money. Many independents had reached a ceiling in terms of where they could go on their own, and breweries were looking for alternative funding. The question at the time was, who was best to go to with the begging bowl in hand? The choice appeared to boil down to either existing big brewers such as Heineken or Anheuser-Busch InBev, or private equity.

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