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July 9, 2024

Athletic Brewing Co. secures $50M in recent funding round

Bill Shufelt (left) and John Walker are the owners of Athletic Brewing Co.

One of Connecticut’s fastest-growing companies, non-alcoholic beer maker Athletic Brewing Co., has secured $50 million through a recent funding round, the brewer announced Tuesday.

Private equity firm General Atlantic, which has a Stamford office, led the most recent equity financing round for Milford-based Athletic Brewing, which operates a West Coast headquarters in San Diego. The latest funding round values the company at roughly $800 million, the Wall Street Journal reported, citing sources familiar with the deal. 

The company plans to use the money to pursue long-term growth, which will also be aided by the company’s recent purchase of a second San Diego brewing facility, which was the former Ballast Point brewery, giving  Athletic Brewing three across the country.

General Atlantic will take a seat on Athletic Brewing’s board of managers, the company said.

After renovating and improving the former Ballast Point site in San Diego to make it operational over the next 18 months, Athletic Brewing said it expects to double its overall brewing capacity. The company is already ranked as the 10th-largest craft brewery in the U.S. and 20th largest overall brewer in the country, per recent information from the Brewers Association. The company sold over 258,000 barrels in 2023, it said.

It’s not the first investment for the brewer in recent months. In June, Connecticut Innovations, the state’s quasi-public venture capital firm, approved a $2 million follow-on investment for Athletic Brewing. The company received a $50 million investment in 2022 from the publicly traded Keurig Dr Pepper Inc., which purchased a minority stake in the brewery.

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