June 21, 2018 / 10:35 AM / 5 months ago

Heineken takes minority stake in London's Beavertown Brewery

LONDON, June 21 (Reuters) - Dutch brewer Heineken will take a minority stake in Beavertown Brewery to give the London-based craft beer maker the 40 million pounds ($52.44 million) it needs to build a new brewery and visitor site.

Beavertown, founded by Logan Plant, the son of British rocker and Led Zeppelin frontman Robert Plant, announced the deal on Thursday, ending weeks of speculation about the partnership.

It is the latest addition to the craft beer portfolio of the world’s second-largest brewer, following a string of deals including with London’s Brixton Brewery and California’s Lagunitas.

Beavertown, known for its brightly colored, cartoon-covered cans with names like Gamma Ray American Pale Ale, said it plans to build a 450,000 hectolitre facility in London that will increase its brewing capacity tenfold. The new facility will create up to 150 new jobs.

Logan Plant on the Beavertown blog said the company had explored other financing options including crowd-funding and private equity, but dismissed them as unsuitable.

Heineken confirmed that it was taking a minority stake in Beavertown, but declined to provide further financial details. It said the 40 million pounds was the cost of the brewery.

“We love what they’re doing and are excited to be able to help them do more,” Heineken said in a statement. “Our minority investment means they can make their dream of Beaverworld a reality.”

$1 = 0.7627 pounds Reporting by Martinne Geller; editing by Jason Neely

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