Yahoo Finance Anchor Brewing gets new lease on life after it finds an unexpected buyer
Anchor Brewing, America’s oldest craft brewer, closed last summer after more than 127 years in business. Now, it’s being brought back to life thanks to an unexpected buyer.
Hamdi Ulukaya, the billionaire founder and CEO of yogurt maker Chobani, announced Friday on LinkedIn he has purchased the San Francisco-beer brand with plans to revive Anchor Brewing’s taprooms and beloved brews. Financial terms were not disclosed.
Despite only visiting San Francisco a few times, Ulukaya knew that Anchor had a strong connection to the California city and was intrigued after hearing about its history into rescuing it, despite the craft beer’s troubles. Anchor closed in July 2023 and its former parent company Sapporo USA put it up for sale after facing years of declining sales.
Ulukaya wrote that both the city and Anchor “are both experiencing the magic of rebirth” and that he believes “brands born in places like this deserve to be treasured, respected and loved.”
“I was also touched by Anchor’s devoted employees who have worked tirelessly to make it one of the most beloved beer brands in San Francisco and around the world. I will honor Anchor’s history, and I offer my commitment to its future,” he said.
Anchor’s remnants have been been embroiled in months-long auction process, with Sapporo offering buyers its real estate and intellectual property separately. However, Ulukaya bought it all, wanting to keep the company completely intact.
Specific plans for the relaunch weren’t released, including how quickly the dormant breweries can be reopened, but Ulukaya told the San Francisco Standard that he plans to bring back its old labeling. In 2021, Sapporo unveiled a new look for the beer cans and bottles in hopes to revive sales but ended up angering its hardcore fans.
Despite Ulukaya’s excitement about reviving the 127-year-old brand, the craft beer business has been in decline as drinkers shift to spirits and cheaper alternatives. And Anchor had its own problems prior to its closing, including the loss of national distribution, making it harder to compete.
“The past year has allowed the company to become a signifier for American craft beer and what helped shape the market to what it is today, but there’s also no reason to believe a new owner will suddenly allow the brewery to regain national prominence,” Bryan Roth, an analyst for Feel Goods Company and editor of the alcohol beverage newsletter, Sightlines+, told CNN.
He suggested that Anchor “lean in as much as possible to its San Francisco and California root” and focus on regional sales and reopening the taproom in the Potrero Hill neighborhood, which had become a popular place for tourists and locals.
“The brand struggled because it kept relevance with longtime, committed craft beer enthusiasts, but rarely registered with young people or casual drinkers,” Roth said. “Focusing on Anchors legacy, stature, and part of American craft beer history could help the brewery form new emotional connections with drinkers.”
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