TORONTO, ON – Labatt Breweries of Canada – a division of multinational brewing company AB InBev – has announced that it has purchased Toronto’s Mill Street Brewery, with the deal including an immediate $10 million investment into Mill Street’s brewing facility in Scarborough.
“Mill Street has continually distinguished itself with its energy and success in innovation, and powerful commitment to great-tasting quality beer,” said Labatt president Jan Craps (centre-left in photo above) in a statement announcing the sale. “Our partnership and investment will accelerate its growth in one of the most dynamic beer segments, while fully preserving Mill Street’s creative character and pioneering spirit.”
“Throughout our history, our dedication to our craft and our passion for pushing the envelope have allowed Mill Street to make waves in Canada’s craft beer segment,” said Mill Street co-founder Steve Abrams (right in photo). “We are excited about the prospect of working with Labatt to build even further on our successes and sharing our brands with more beer lovers across Canada.”
In a separate statement, Abrams – who will be remaining with the company, along with brewmaster Joel Manning (centre-right in photo) and CEO Irvine Weitzman (left in photo) – said that “Mill Street will continue to operate as an autonomous entity under Labatt’s new craft beer unit, and as such, will benefit from the combined resources of both companies.”
Aside from the immediate investment noted above, no further financial details of the purchase have been announced.