Carlsberg buys Waterloo Brewing as global beer giant expands its reach in Canada

KITCHENER - Carlsberg, one of the world's biggest brewers, is buying Waterloo Brewing in a $144-million deal.

George Croft, president of Waterloo Brewing, said selling the craft brewery is the best way forward for employees, partners, consumers and the community.

We've enjoyed a close relationship with Carlsberg and are excited about becoming part of one of the largest brewing companies in the world," Croft said in a statement Wednesday.

Carlsberg said in a statement that buying the brewer will help it grow in the Canadian market where it is small today. This exciting opportunity will scale our business in Canada. The brand portfolios are complementary," the firm said.

Waterloo Brewing, formerly Brick Brewing, bills itself as Ontario's first craft brewer and has operated in the region for almost 40 years. It is valued at up to $217 million including its debt.

The brewer opened in 1984 in Waterloo's downtown with a beer called Waterloo Dark. Today after a series of expansions and investments, it brews on a larger scale in Kitchener on Bingemans Centre Drive. The brewery includes a taphouse and a beer store.

Waterloo Brewing is most closely associated with its Waterloo craft line. But its low-cost Laker series is its biggest seller by far and is considered the unwavering pillar of our business" by the firm.

Other brands include LandShark, Margaritaville and Seagram Coolers. Along with its own brands, it also produces beer, coolers and ciders under contract for other companies.

Founder Jim Brickman left the brewery in 2008.

Carlsberg Group, out of Denmark, sells products in 150 markets. Founded in 1847, the brewery includes premium international brands such as 1664 Blanc, Carlsberg, and Kronenbourg.

It's an all-cash purchase in which shareholders of Waterloo Brewing will receive a 19-per-cent premium over the stock's closing price on the Toronto Stock Exchange.