MillerCoors' craft and import division Tenth and Blake has just acquired a majority interest in Saint Archer Brewing Company, according to a press release issued by MillerCoors.
The acquisition expands Tenth and Blake's portfolio of leading crafts.
Scott Whiley, president and CEO of Tenth and Blake, said in the press release that they are excited about the "partnership with Saint Archer."
"Saint Archer is consistent with our strategy of building our high-end portfolio while driving topline growth," he said. "Saint Archer brews award-winning ales across a variety of styles that are complementary to our current portfolio, including some outstanding IPAs."
Saint Archer will be joining Tenth and Blake's portfolio of leading craft beers, according to the press release.
These include Blue Moon Brewing Company, Jacob Leinenkugel Brewing Company, Crispin Cider Company and a minority equity stake in Terrapin Beer Company.
Saint Archer is known for its award-winning range of ales, which include the Blonde Ale, IPA, White Ale, and Pale Ale, according to the press release.
The company is expecting to sell 35,000 barrels of beer in 2015, up by more than 100 percent from its 2014 sales.
The company, which was founded in San Diego in 2013, is the fastest -growing breweries in California, according to the press release.
Tenth and Blake plans to support the continued growth of the Saint Archer under Josh Landan, co-founder and president of the company.
"We have always wanted to get great beer into more people's hands," Landan said in the press release. "We were fortunate that brewers big and small were interested in partnering with us, but Tenth and Blake was the clear choice."
He adds in the press release that Tenth and Blake allows the company to continue what it's doing in San Diego but provides them with "more resources to innovate and grow."
The Paradise Post adds that the acquisition of Saint Archer is just another example of a mainstream brewing company trying to capture a share of the craft beer market.
Heineken announced earlier this week that it would take a 50 percent stake in Lagunitas Brewing, Petaluma's craft brewer.
The Paradise Post adds that craft beer has continued to outperform the overall U.S. beer market.
It now represents about 11 percent of the total volume.
The deal is expected to close on October 2015, according to the press release.
Terms of the transaction weren't disclosed.
