NEW YORK, Feb. 5 (UPI) -- Craft beer maker Blue Point Brewing Co. of New York has agreed to be bought by industry Goliath Anheuser-Busch, the St. Louis company said Wednesday.
Anheuser-Busch did not disclose how much it will pay for the Long Island brewer -- founded 15 years ago by Mark Burford and Peter Cotter -- but said it intends to plow money into it to increase its capacity over the next few years.
Cotter and Burford are to remain involved in the operation, Anheuser-Bush, known for its ubiquitous brand Budweiser, said in a release.
"Together, our talented brewing team and Anheuser-Busch will have the resources to create new and exciting beers, and share our portfolio with even more beer lovers," Burford said.
Blue Point sold about 60,000 barrels of beer last year. Toasted Lager is its most popular brand, accounting for half its sales. Anheuser-Busch, a 160-year-old brewer, sells nearly half of all beer consumed in the United States.
"As we welcome Blue Point into the Anheuser-Busch family of brands, we look forward to working with Mark and Peter to accelerate the growth of the Blue Point portfolio and expand to new markets, while preserving the heritage and innovation of the brands," Anheuser-Busch Chief Executive Officer Luiz Edmond said. "With Anheuser-Busch's strong beer credentials, we share a commitment to offering high-quality beers that excite consumers. Blue Point brands have a strong following and even more potential."