Surf’s up for Fanning’s boutique brew
AUSTRALIA’S biggest brewer, Carlton & United Breweries, has extended its presence in the fast-growing craft beer sector by buying the company co-founded by retired triple world champion surfer Mick Fanning.
Balter was established by a group of childhood friends, including Fanning and another former world champion surfer, Joel Parkinson.
The Gold Coast beer brand has grown significantly and won praise in the industry since it was established in 2016.
Balter took top spot two years in a row in the prominent Gabs Hottest 100 craft beer awards.
Large brewers, including Melbourne-based CUB and its chief rival in Australia, Lion, have been swallowing up craft brewers in the past few years as that segment of the market grows at a faster pace than the mainstream market.
CUB bought 4 Pines and Pirate Life in 2017. Lion bought Fremantle-based Little Creatures in 2012 for $380 million and ByronBay Brewing in 2016. CUB’s latest deal comes after Japanese beverage goliath Asahi bought the Australian brewer from its Belgian parent company, Anheuser-Busch InBev, for $16 billion.
Mr Fanning said that “from day one, we’ve tried to not only brew the most delicious beer but create a brand that was fun and inclusive”.
“We’re stoked Balter has connected so well with Aussies and we can’t wait to continue our journey with CUB and get good beer into the hands of more beer lovers,” he said. Other terms of the takeover, including the price, have not been disclosed.