Back in 2011, Deep Ellum Brewing Company marked the beginning of a craft beer renaissance in DFW. Now, the area is bustling with breweries of all kinds, and DEBC is looking to make some big moves.
Brewbound reports that Deep Ellum Brewing Company has sold a majority ownership stake to Storied Craft Breweries, a “upstart capital group,” a firm that describes itself as helping breweries access resources for expansion without “selling out.” The group has purchased a 56% interest in the brewery, buying out more than 20 former investors in the project and providing more than $8 million to help Deep Ellum Brewing expand.
“Back when we were just trying to get our doors open, we’d take a check from just about anyone,” DEBC’s John Reardon told Brewbound. “Now, I want to align myself with strategic partners who understand the long-term play of craft beer and can help me realize my goal of becoming a dominant brewery – not just in Texas, but also in the region.”
Texas breweries are a hot commodity at present, a nod to the explosive growth the state’s beer scene has seen in recent years. Earlier this year, Granbury’s Revolver Brewing Co. was purchased by Miller-Coors, and Anheuser Busch Inbev’s acquisition of Houston’s Karbach Brewing came just a few months later.
After the deal, Reardon now controls 40% of the business, and has signed a contract to stay on staff at the brewery for the foreseeable future. He’ll oversee an expansion, as the brewery is poised to increase its output from 2016’s 33,000 barrels of beer to as many as 90,000 barrels in the coming years.