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Monster Beverage to enter alcohol market with $330 million CANarchy buy -Breaking

by Mike Robinson

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© Reuters.

(Reuters). – Manufacturer of energy drinks Monster Beverage Corp (NASDAQ: ) stated on Thursday that it has agreed to acquire craft beer and seltzer manufacturer CANarchy Craft Brewery Collective Llc, for $330 million cash. It marks its entry in the alcoholic drinks industry.

Monster stated that the deal will add alcoholic brands Cigar City and Oskar Blues to its beverage portfolio, as well as Perrin Brewing and Squatters brands, but not CANarchy’s restaurants.

Hilton Schlosberg, Monster Chief Executive Officer said the deal was a “springboard”, for the company’s entry into the alcohol beverage market.

“The acquisition will allow us to have a full-in-place infrastructure that includes people and distribution licenses. We also get alcoholic beverages development expertise and the ability to manufacture in this sector.”

The agreement is expected to be completed in the first quarter of 2012. CANarchy will remain independent and continue functioning under Tony Short, its chief boss.

 

 

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