Investment to support Athletic Brewing's
continued growth across North
America
BURLINGTON, Mass. and FRISCO, Texas, Nov. 9, 2022
/PRNewswire/ -- Keurig Dr Pepper Inc. (NASDAQ: KDP) today announced
a minority stake in Athletic Brewing Company, America's leading
non-alcoholic craft beer maker. The transaction represents KDP's
latest move into rapidly emerging beverage categories, following
its acquisition of non-alcoholic ready-to-drink cocktail brand
Atypique.
The $50 million investment by KDP
provides the Company with an equity stake in Athletic Brewing that
is comparable to other lead investors, namely TRB Advisors and
Alliance Consumer Growth. KDP will have a seat on the
company's Board of Directors. Further terms of the deal were
not disclosed.
Athletic Brewing was founded in 2017 by Bill Shufelt and John
Walker and is a top-20 U.S. craft brewer, according to
Nielsen. In 2022, Athletic Brewing was ranked as the 26th
fastest-growing private company in America by Inc. Magazine and was
also named to Time Magazine's "100 Most Influential Companies"
list.
Non-alcoholic beer in the U.S. grew almost 20% in retail dollars
over the past year1, with the craft segment, where
Athletic Brewing holds a 55% market share, far outpacing total
category growth. Athletic Brewing has a lineup of more than 40
brews.
Non-alcoholic beer accounts for over 85% of total
sales1 in the fast-growing category of non-alcoholic
beer, wine and spirits, as an increasing number of consumers
moderate their alcohol consumption.
"Athletic Brewing is a winning brand in a rapidly growing
beverage segment. Our investment reflects our interest and ability
to move into exciting white spaces, including in the blurring of
the alcoholic and non-alcoholic categories" said Keurig Dr Pepper
Executive Chairman Bob Gamgort. "We
look forward to partnering with the Athletic Brewing team to help
them scale the business."
"We're thrilled to welcome Keurig Dr Pepper as an investor and
strategic partner," Shufelt said. "Their team brings a tremendous
amount of expertise and truly embraces our mission of brewing
great-tasting non-alcoholic beers that are fit for all times.
This investment will enable Athletic Brewing to further accelerate
our growth across North
America."
1NielsenIQ Scan Off Premise Channels; latest 52-week
ending 08/20/2022
KDP Contacts
Steve Alexander (Investors)
T: 972-673-6769 / steve.alexander@kdrp.com
Chethan Mallela (Investors)
T: 646-620-8761 / chethan.mallela@kdrp.com
Katie Gilroy (Media)
T: 781-418-3345 / katie.gilroy@kdrp.com
Athletic Brewing Contacts
Chris Furnari
chris.furnari@athleticbrewing.com
About Keurig Dr Pepper
Keurig Dr Pepper (KDP) is a leading beverage company in
North America, with annual revenue
approaching $13 billion and
approximately 27,000 employees. KDP holds leadership positions in
soft drinks, specialty coffee and tea, water, juice and juice
drinks and mixers, and markets the #1 single serve coffee brewing
system in the U.S. and Canada. The
Company's portfolio of more than 125 owned, licensed and partner
brands is designed to satisfy virtually any consumer need, any
time, and includes Keurig®, Dr Pepper®, Green Mountain Coffee
Roasters®, Canada Dry®, Snapple®, Bai®, Mott's®, CORE® and The
Original Donut Shop®. Through its powerful sales and distribution
network, KDP can deliver its portfolio of hot and cold beverages to
nearly every point of purchase for consumers. The Company is
committed to sourcing, producing and distributing its beverages
responsibly through its Drink Well. Do Good. corporate
responsibility platform, including efforts around circular
packaging, efficient natural resource use and supply chain
sustainability. For more information, visit
www.keurigdrpepper.com.
About Athletic Brewing Company
Athletic Brewing, founded in 2017 by Bill Shufelt and John
Walker, is America's leading producer of non-alcoholic craft
beer. In 2022, Athletic was ranked as the 26th fastest-growing
private company in America by Inc. Magazine and named to TIME's
"100 Most Influential Companies" list. Athletic was also selected
as one of Ad Age's Top 20 Hottest Brands of 2022 and featured on
Fast Company's "Brands That Matter" list in 2021. The company has
won over five dozen prestigious brewing awards, including Gold
& Silver for its Run Wild and Free Wave IPAs in the 2022 US
Open of Beer Championships. Athletic has custom breweries on the
east and west coasts, and its "Two for the Trails" initiative
donates 2% of all sales to trail and park cleanups and maintenance.
Plus, as a part of its IMPACT Program, 1% of revenue goes to
non-profit organizations that support positive impact and
opportunity from the ground up. As of 2022, Athletic Brewing is
proudly a Certified B Corporation™. Its full-flavored non-alcoholic
brews and hop-infused sparkling waters are available for purchase
on www.athleticbrewing.com.
FORWARD LOOKING STATEMENTS
Certain statements contained herein are "forward-looking
statements" within the meaning of applicable securities laws and
regulations. These forward-looking statements can generally be
identified by the use of words such as "outlook," "guidance,"
"anticipate," "expect," "believe," "could," "estimate," "feel,"
"forecast," "intend," "may," "plan," "potential," "project,"
"should," "target," "will," "would," and similar words.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. These statements are based on
the current expectations of KDP's management, are not predictions
of actual performance, and actual results may differ
materially.
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SOURCE Keurig Dr Pepper Inc.
