Beverage giant Anheuser-Busch on Friday announced it had completed its $490 million acquisition of ready-to-drink beverage brand BeatBox.
The deal was first announced in December.
The acquisition expands St. Louis-based Anheuser-Busch’s portfolio beyond beer brands like Budweiser, Bud Light and Michelob Ultra and adds to a Beyond Beer roster that includes Cutwater Spirits, Nutrl Vodka Seltzer and Phorm Energy.
“We’re excited to formally welcome BeatBox into our Beyond Beer portfolio,” Anheuser-Busch CEO Brendan Whitworth said in a statement. “I’m confident that their entrepreneurial spirit, their commitment to consistent innovation and their ability to connect with their consumers will be a strong complement to our existing team and capabilities. Anheuser-Busch has a proven playbook for building winning brands, and I look forward to embarking on the next phase of dynamic growth together.”
The deal gives Anheuser-Busch an 85% stake in BeatBox, with the opportunity to take a 100% stake in the Austin, Texas-based beverage brand after five years.
BeatBox grew nearly 50% last year, becoming the No. 5 fastest-growing brand by dollar sales in the U.S. hard beverage industry, according to Circana data. The company reported more than $340 million in retail sales for the 52 weeks ended Nov. 23, the data firm said.
BeatBox is known for its party-friendly, fruit-forward flavors, available in wine-based and malt-based versions with ABVs of 11.1% and 8%. The company got its start in 2011 as an MBA project at the University of Texas at Austin and received national attention in 2014 after appearing on the TV show “Shark Tank.”
“When we started BeatBox in 2011, we could never have imagined the journey that lay ahead,” Justin Fenchel, BeatBox co-founder and CEO, said. “We’ve been so fortunate to build something that truly resonates with people, and we’re incredibly grateful to everyone who has supported us along the way.”
Fenchel said the acquisition will allow BeatBox to accelerate its growth and to continue its mission of “bringing people together and making the world more fun.”
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