Keurig Dr Pepper invests US$50m in Athletic Brewing
Keurig Dr Pepper (KDP) has paid US$50 million for a minority stake in US alcohol-free brewer Athletic Brewing Company.
The investment, which provides KPD with an equity stake in Athletic Brewing that is comparable to other lead investors such as TRB Advisors and Alliance Consumer Growth, will also see KDP join Athletic Brewing Company’s board of directors.
Athletic Brewing Company, which was founded in 2017 by Bill Shufelt and John Walker, has a portfolio of more than 40 beers and has recently gained a Tesco store retail listing in the UK.
The investment from KDP is set to assist in the brewer’s plans to roll out further across North America and expand its reach across more states.
KDP executive chairman Bob Gamgort said: “Athletic Brewing is a winning brand in a rapidly growing beverage segment. Our investment reflects our interest and ability to move into exciting white spaces, including in the blurring of the alcoholic and alcohol-free categories. We look forward to partnering with the Athletic Brewing team to help them scale the business.”
Athletic Brewing Company co-founder Bill Shufelt added: “We’re thrilled to welcome Keurig Dr Pepper as an investor and strategic partner. Their team brings a tremendous amount of expertise and truly embraces our mission of brewing great-tasting alcoholic-free beers that are fit for all times. This investment will enable Athletic Brewing to further accelerate our growth across North America.”
The move, which further amplifies KDP’s presence within the alcohol-free drinks sector, follows KDP’s recent acquisition of alcoholic-free ready-to-drink cocktail brand Atypique.