Heineken NV announced it has agreed to acquire a 50% stake in one of the fastest growing craft brewery businesses in the U.S. – California-based brewing company, Lagunitas Brewing Co. Heineken sought the company with the goal of expanding the business to become the world’s first global craft brewing brand.

 

While SABMiller Plc and Anheuser-Busch InBev NV have acquired craft brewing brands in the UK and the U.S. within the past year, those transactions were completed for the ability to gain access to domestic beer markets, while Heineken plans to export Lagunitas beer to other countries, such as France and Germany.

 

Terms of the investment were not disclosed, however, recent craft-brewery acquisitions have valued breweries at more than $1,000 per barrel of output. With expected sales of 800,000 barrels for 2015, Lagunitas would claim a value of more than $800 million.

 

Over the past five years, sales by craft breweries outpaced sales by traditional beer companies at a compounded annual rate of growth of 7.8% compared to a growth of 1.3% according to industry analyst, Plato Logic. And between 2012 and 2014, sales of Lagunitas IPA, India Pale Ale, and Little Sumpin’ Sumpin’ wheat ale have driven the company to report a compounded annual growth of 58%, making it the sixth largest independent brewer in 2014.

 

In addition to domestic growth, exports of U.S. craft beer have increased as well, as interest increases in overseas markets. Exports reached 400,000 barrels in 2014 – up from only 60,000 barrels in 2010 according to the Brewers Association.

 

“The craft-beer phenomenon has become one of the largest drivers of premium beer-market growth in the U.S., and it’s making inroads in more key beer countries,” Heineken Chief Executive Jean-Francois van Boxmeer said in a note to employees reports the Wall Street Journal.

 

Launched in 1993, Lagunitas is one of only a small number of craft breweries to expand to a nationwide scale. Sales in 2014 increased to 599,000 barrels, up from 72,000 barrels in 2009, with expected 2015 sales of 800,000 barrels. The company will continue to be led by founder, Tony Magee, and will continue to operate independently. The deal is expected to close in the fourth quarter of this year.