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November 15, 2022

Keurig Dr Pepper invests $50M in CT-based Athletic Brewing Co.

Contributed Athletic Brewing's facility in Stratford.
By Andrew Larson

A multinational beverage company has invested $50 million in nonalcoholic craft beer maker Athletic Brewing Co., based in Stratford.

Keurig Dr Pepper Inc., which is publicly traded on the NASDAQ, announced it has purchased a minority stake in the growing brewery.

KDP has been moving into emerging beverage categories, recently acquiring nonalcoholic, ready-to-drink cocktail brand Atypique.  

KDP’s equity stake in Athletic Brewing is comparable to other lead investors, including TRB Advisors and Alliance Consumer Growth, the company said. KDP will have a seat on Athletic Brewing’s board of directors.  

Athletic Brewing was recently ranked 26th on Inc. magazine's list of the top 5,000 fastest-growing companies in the United States for 2022.  It was also named to Time Magazine's "100 Most Influential Companies" list.

Nonalcoholic beer in the U.S. grew almost 20% in retail dollars over the past year, according to Nielsen data. Athletic Brewing holds a 55% market share in the nonalcoholic craft segment with more than 40 beer offerings.

"Our investment reflects our interest and ability to move into exciting white spaces, including in the blurring of the alcoholic and non-alcoholic categories," Keurig Dr Pepper Executive Chairman Bob Gamgort said.

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