Founders Brewing Co. is selling a majority of its business to its Spain-based minority shareholder, MiBiz reported Thursday.
The Grand Rapids-based company, the 14th largest brewery in the U.S. as of last year, filed documents with the Michigan Liquor Control Commission last week indicating Spain's Best Beer Inc., an affiliate of Madrid-based Mahou-San Miguel Group, will hold a 90 percent stake in the company, MiBiz reported.
Founders, which was founded in 1997, sold a 30 percent stake to Mahou-San Miguel Group in December 2014 to help fuel its expansion. San Miguel, founded in 1890, is the largest craft brewer in Spain.
Founders Brewing co-founders Mike Stevens and Dave Engbers each will retain a 5-percent stake in the brewery, according to state filings. Stevens confirmed the pending deal in an exclusive interview with MiBiz.
Read Full Story Click Here!