When Chico, Calif.-based Sierra Nevada Brewing Co. put out the “bat signal” seeking help to support victims of last year’s catastrophic Camp Fire in northern California, the Michigan craft brewing industry set into motion. Their rallying point: Resilience Butte County Proud IPA. Sierra Nevada created the beer as a fundraiser, pledging to donate 100 percent of its profits from the sale of the product to the Camp Fire Relief Fund. The 10th-largest U.S. brewery then shared the recipe online and encouraged breweries all over the country to participate.
GRAND RAPIDS — As the craft beer industry continues to grow, it’s contributing to more economic activity in Michigan, both within the sector and its expanding supply chain.
After a frenzied period of M&A activity for craft breweries, industry insiders and investors expect the pace of deals to moderate in the near future.
Here is the MiBiz Growth Report for Aug. 7, 2017.
• M&A: Rockford-based Wolverine World Wide Inc. has sold its Sebago brand of boat shoes to an offshoot of BasicNet S.p.A., a clothing and footwear company based in Turin, Italy. A subsidiary, TOS S.r.l., acquired the intellectual property rights for the Sebago trademarks and other assets in a deal valued at $14.25 million, excluding acquisition-related charges, according to a statement from BasicNet. For Wolverine, the move to offload the Sebago brand comes as part of a larger strategy that executives hope will streamline the organization and increase profitability amid a challenging consumer goods market. The two companies agreed to transition the brand to the new owner through the end of this year. Wolverine (NYSE: WWW) acquired Sebago Inc., a maker of penny loafers and docksiders boat shoes, in 2003.
Saugatuck Brewing Co. thought it was being edgy in 2011 when it coined the name “Hop on a Blonde” for its new blonde ale.
Thirsty Michigan craft beer consumers bought the equivalent of around 59,000 more pints of Brewery Vivant’s beer in 2016 than they did the year before.
A new law passed earlier this month modernizes a provision in Michigan’s liquor control code that many craft beverage producers were unknowingly violating in recent years.