Brazil: Ambev acquires Brazilian craft brewer Colorado
Ambev, Brazil's largest alcoholic drinks company, has announced the acquisition of the craft brewer Colorado for an undisclosed sum.
Based in Ribeirao Preto in the state of Sao Paulo, Colorado is described as having an annual turnover of R$18 million ($6 million) and yearly production of 120,000 litres.
The move is reportedly part of AmBev’s strategy of buying premium brands amid stagnant sales volumes in South America's biggest beer market. According to Ambev, Colorado’s founder Marcelo Carneiro will continue to lead the company and will now focus mainly on the development of new products. Production will remain in Ribeirao Preto with the firm’s current staff.
"The commitment of the two companies to offer high quality products will not change”, stated Ambev. “The coming together of the two firms will result in innovation for the consumer, always based on the diversity of local ingredients and Brazilian culture, which are part of Colorado’s DNA".
Colorado is known for brands such as Demoisele and Cauim as well as the honey-based beer Appia.