Duvel Moortgat buys Stone Brewing from Sapporo
California’s Stone Brewing Co. has been acquired by Belgian beer giant Duvel Moortgat’s US arm in a deal that will see the business sold by the US division of Japanese beer group Sapporo Holdings.
Stone to say goodbye to Richmond
The deal, which marks the second time in four years that the beer brand has been sold since it was only bought by Sapporo in 2022, will see the Stone brand and its beers continue to exist as a subsidiary of the Duvel-owned Californian brewery Firestone Walker, yet will mean that Stone will no longer have a brewery in Richmond.
Sapporo-Stone CEO Zach Keeling told reporters this week that Stone’s brewing production site on Williamsburg Avenue in the city’s Fulton area is set to become a full-time Sapporo USA production facility following the deal.
Hopefulness vs reality
Keeling has played an integral role with the Sapporo-Stone expansion project in the US and the previous deal had signalled “big plans” for the union to be a move for Sapporo to conquer the market. However, nearer the end of 2024, db exclusively revealed that Stone Brewing was pulling out of all 50 of its export markets from January 2025. At the time, Keeling said the withdrawal “was not made lightly” but admitted that the brewery had faced challenges while embarking on its growth.
The full financial terms of the new acquisition with Duvel Moortgat have not been disclosed, yet the deal is anticipated to close in the second quarter of 2026 and, looking at its value, Sapporo’s previous acquisition of Stone was set at around US$168 million.
According to local reports, Keeling said: “Sapporo-Stone is currently under a transition agreement with Firestone Walker and Duvel to brew Stone beers in Richmond through May” and revealed that after this time the Richmond brewery will only make Sapporo beer and instead “become Sapporo’s main hub for the US”.
Taproom to no longer bear Stone’s name
Some Sapporo beer is reportedly still brewed at Stone’s California facilities and the taproom at the Richmond facility will also shed the Stone name once the deal is complete.
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Keeling explained: “We have plans to rebrand and retrofit it as a Sapporo taproom, with designs to open up, hopefully later this year, but we’re still in the process of finalising plans.”
He also added that the plan is for Sapporo to continue to be beholden to the performance agreement with the city’s Economic Development Authority that Stone had originally agreed to complying with upon opening the site in Richmond in 2016.
Keeling insisted: “We’ve always worked closely with the city. I know that the agreement has gone through its iterations of ups and downs, but we’re committed to being in Richmond, and look forward to continuing to work with the EDA going forward.”
The Williamsburg Avenue facility has seen a handful of expansions and Keeling highlighted how it is capable of brewing approximately 400,000 barrels of beer annually.
Firestone and Boulevard to take over brewing Stone’s beer
Once the Duvel acquisition is completed, Stone’s beer will be brewed in Firestone Walker’s California brewery and in Kansas City at Boulevard Brewing Co.’s facility, which Boulevard sold to Duvel in 2013.
Firestone Walker CEO Nick Firestone said: “We will honour what’s been built and carry it forward with the same authenticity and conviction that we love them for. The Stone heart keeps beating.”
Keeling added: “I’ve loved every second I’ve been able to work on it [Stone[. That being said, I’m very pleased and confident in its new ownership with Firestone Duvel. I’ve been working with that team pretty closely here over the past few months, and I’m confident they’re going to be able to steward the brand going forward in a really meaningful way. So on one hand, I’m nostalgic for all the time I had to work on Stone, but on the other hand, I’m excited about our future with Sapporo.”
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