Carlsberg to Acquire Waterloo Brewing for $144 Million

Group of friends toasting beer at a brewery pub

KITCHENER, Ont. — Carlsberg Group has agreed to acquire all of the issued and outstanding shares of Waterloo Brewing through a statutory plan of arrangement under the Business Corporations Act (Ontario). Under the terms of the agreement, holders of Waterloo Brewing shares will receive $4 in cash for each share held, which implies an aggregate equity value of approximately $144 million and an enterprise value of $217 million.

“We’ve enjoyed a close relationship with Carlsberg and are excited about becoming part of one of the largest brewing companies in the world,” says George Croft, president & CEO, Waterloo Brewing. “Waterloo Brewing will be a great fit with Carlsberg’s strong, purpose-driven culture, and our Board of Directors is confident that joining Carlsberg is the best long-term solution for our employees, partners, customers, consumers and community.”

“One of our priorities in our SAIL’27 strategy is to grow our business in attractive markets, where we are small today, like Canada. The acquisition of Waterloo Brewing significantly improves our growth prospects in the Canadian market,” says Cees ‘t Hart, CEO of Carlsberg Group.

“This exciting opportunity will scale our business in Canada,” says Anders Rud Jørgensen, managing director, Carlsberg Canada. “The brand portfolios are complementary. Local sourcing will secure long-term robustness of supply, increase commercial flexibility and speed to market for innovations, step-changing the way we operate. Waterloo Brewing’s excellent portfolio of long-standing co-packing relationships will benefit from these combined operations.”

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