Anheuser-Busch InBev announced Wednesday that it is acquiring Los Angeles-based Golden Road Brewing, outlining its aim to expand its presence in the fast-growing craft brewing market.
Golden Road’s brands include the popular India pale ales, Point the Way IPA, Wolf Among Weeds IPA and Golden Road Hefeweizen, as well as a collection of seasonal brews.
Financial terms of the deal, which is is expected to close by the end of this year, were not disclosed.
Golden Road will join AB InBev’s high-end portfolio that includes Goose Island Beer Co., Blue Point Brewing, 10 Barrel Brewing and Elysian Brewing, Reuters noted.
Deals in the craft brewing sector have increased as consumers increasingly choose craft beers and firms seek to capture the lofty valuations that have accompanied the industry’s boom.
Earlier this month, Dutch brewer Heineken bought a 50 percent stake in US-based beer maker Lagunitas Brewing Co. to expand into the craft beer industry.
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