Acquisition · Beverages / beer
Sapporo buys San Diego craft brewer Stone Brewing for $165 million
- Buyer
- Sapporo Holdings (Sapporo U.S.A.) (Tokyo)
- Target
- Stone Brewing, Escondido, California
- Value
- $165M
- Status
- Completed in August 2022. In April 2026 Sapporo agreed to sell the Stone Brewing brand and hospitality assets to Firestone Walker (Duvel Moortgat group), keeping the Richmond brewery for Sapporo-brand beer and ending production in Escondido by the end of 2026.
- Date
- 2022-06-24
Sapporo U.S.A. agreed to buy Stone Brewing, one of the largest U.S. craft brewers, including its breweries in Escondido, California, and Richmond, Virginia, and brands such as Stone IPA. Sapporo's filing put the price at about $165 million for the equity, plus about $3 million in fees and possible earn-out payments. Stone's distribution arm was excluded.
Why it matters
Brewing on both U.S. coasts was meant to let Sapporo make its own beer closer to customers, cutting import and freight costs while adding a premium craft portfolio. The 2026 sale of the Stone brand shows the craft half of that plan did not work out; Sapporo kept the Richmond brewery for its own brand.
About Stone
Stone Brewing was San Diego County's largest brewer. Co-founder Greg Koch said its team had spent 26 years brewing beers that set trends. Under Sapporo, Stone kept its two breweries, its seven taprooms, its management under chief executive Maria Stipp and its staff.
Sapporo's plan
Sapporo planned to brew Sapporo-brand beer at both Stone breweries and to make 360,000 barrels in the US by the end of 2024, about double Stone's output at the time. Sapporo U.S.A. chairman Kenny Sadai said Stone's brewing on both coasts made it an ideal partner.
Sources
Kakehashi M&A News home
