Balter snapped up by CUB
Gold Coast craft brewing company Balter has been bought up by beer giant Carlton & United Breweries (CUB) for an undisclosed fee.
Balter has enjoyed major success in the craft beer market in Australia and has collected numerous awards including the number 1 spot in the GABS Hottest 100 two years in a row, since it was founded in 2016 by a group of friends including professional surfers Mick Fanning and Joel Parkinson.
Balter CEO and co-founder Ant Macdonald said the company refused to compromise on its culture or its beer as part of the deal.
“It’s a testament to CUB that they didn’t want us to,” MacDonald said. “They have an amazing track record of allowing craft brands to thrive while keeping their identity.”
“This deal will help us achieve our sustainability goals, upgrade capacity and hospitality at our Gold Coast brewery and create new jobs.
Since Japanese beverage giant Asahi bought CUB for $16 billion in April, the beer company has been bulking up its portfolio with the purchase of Adelaide-based Riot Wine Co and relaunch of Matilda Bay, with founder Phil Sexton back on board.
Asahi Holdings Australia also announced the acquisition of Brisbane craft brewer, Green Beacon Brewing Co. in August.
CUB CEO Peter Filipovic made assurances that Balter will continue to retail its identity following the acquisition.
“We will help manage Balter’s strong growth through our willingness to invest, our world-class beer expertise and our customer relationships. And the terms of the deal mean the Balter team is not changing and management is staying on, which will ensure the business retains its identity and everything else that helped drive its success,” Filipovic said.
“The deal also means we’re expanding our presence in Queensland, where we already have a significant economic footprint with our Yatala brewery employing more than 250 people.”
Balter co-founder Mick Fanning said the team is “stoked” that Balter has connected so well with Aussies and can’t wait to “get good beer into the hands of more beer lovers”.