Anheuser-Busch plans to acquire a rapidly growing maker of ready-to-drink cocktails, the brewing giant announced Friday.
Under the agreement, the Budweiser and Michelob Ultra brewer will pay some $490 million for an 85% stake in BeatBox and acquire 100% of the business after five years based on an unspecified “predetermined pricing formula.”
BeatBox, originally established in an MBA program at the University of Texas in 2011, makes 20 flavors of its “original party punch” cartons. The company will join Anheuser-Busch’s “Beyond Beer” segment, which also includes the Cutwater, Nutrl and Phorm Energy brands.
The deal is expected to close in the first quarter of next year pending regulatory approval and other closing conditions.
“I have spent the past year getting to know Justin and the team at BeatBox, and I’m confident that their entrepreneurial spirit, their commitment to consistent innovation, and their ability to connect with their consumers will be a strong complement to our existing team and capabilities,” Anheuser-Busch CEO Brendan Whitworth said in the announcement.
“We’ve been so fortunate to build something that truly resonates with people, and we’re incredibly grateful to everyone who has supported us along the way,” said BeatBox CEO and co-founder Justin Fenchel. “Our long-standing relationships with the Anheuser-Busch team made this partnership feel like the right next step.
