NEW BELGIUM RESCUES MAGNOLIA BREWING
New Belgium Brewing Co. rescued San Francisco’s Magnolia Brewing out of bankruptcy in a $2.7 million deal that will turn the West Coast beer brand into a New Belgium subsidiary.
There are no plans to mix the brands or turn the Magnolia Brewing’s two San Francisco locations into New Belgium brewpubs. Magnolia’s staff also will remain.
Fort Collins-based New Belgium wanted to diversify and expand its community. This will be treated more like a “Brewing with Friends,” said Kim Jordan, New Belgium co-founder and executive chair.
The subsidiary will be owned by a partnership majority owned by New Belgium. The sale is expected to be completed in September.
Minority partners include Belgium brewery Oud Beersel and Dick Cantwell, founder of Elysian Brewing Co. Cantwell, whose company was sold to Anheuser-Busch InBev in 2015, will head up Magnolia’s brewing operations. Magnolia founder Dave McLean will be an employee of the new partnership.
Oud Beersel already ships beer from Belgium to Fort Collins and helped the brewery create the Transatlantique Kriek brew.