DETROIT (FOX 2) - Atwater Brewery announced Wednesday it will be acquired by Molson Coors Beverage Co.
Specifically, the Detroit-based brewery will be acquired by Tenth and Blake Beer Compay, which is the U.S. craft division of Molson Coors Beverage Co. Though terms were not disclosed, owner Mark Rieth will continue managing day-to-day operations. Officials say the transaction is expected to be done within the next few months.
Atwater owner Mark Rieth said distribution was a big factor in the decision.
"We went from 2,500 breweries nationally to 7,000," he said. "So, a lot of competition and as a regional brewery that is why this partnership makes even more sense. We are going to have bigger access to market throughout the midwest and probably beyond that."
FOX 2: "You know people are going to say you are selling out."
"Yes, but at the end of the day what does selling out mean," Mark Rieth, the owner of Atwater, said. "I am not going anywhere, my people are not going anywhere, our brands are staying the same and are only going to get better.
Founded in 1997 and located in the historic Rivertown district, Atwater Brewery is a fixture of the Michigan craft beer community, known for its traditional German-style lagers and unique ales, including top-selling beers like Dirty Blonde and Vanilla Java Porter. Also producing craft spirits and hard seltzers, the brewery operates three taphouse and biergarden locations in Detroit, Grand Rapids, and Grosse Pointe Park.
"Atwater has been a staple and a leader in the Michigan craft community for more than two decades, and we're thrilled to have them join Tenth and Blake," said Paul Verdu, vice president of Tenth and Blake. "Our priority is to make sure their beer is enjoyed by consumers throughout their core markets and eventually across the Great Lakes region."
"The agreement with Tenth and Blake is both the culmination of our past and the catapult to our future," Rieth said. "For Atwater to continue to grow, it will require both capital and brewing expertise. Tenth and Blake brings both, which makes them the ideal strategic partner to help us continue to live our mantra 'Born in Detroit. Raised Everywhere.'"
Reith first invested in Atwater Brewery in 2002 then purchased the brewery in 2005.
Tenth and Blake's portfolio includes Jacob Leinenkugel Brewing Company, Terrapin Beer Company, AC Golden Brewing Company, Revolver Brewing, Hop Valley Brewing Company, and Saint Archer Brewing Company.