Maui Brewing Company is set to acquire the beer company Modern Times and expects to close the deal in October. The sale is reported at more than $15 million.
The Kihei-based brewery bid on the financially troubled San Diego company earlier this year.
A California court ruled in June that Anaheim’s Brewery X had the winning bid. But Brewery X decided not to move forward on the deal and the sale went to the backup bidder — Maui Brewing.
The purchase would expand mainland production and distribution of Hawaiʻi’s largest craft brewer.
“We are now even more excited in the future of Modern Times," Maui Brewing Company CEO and co-founder Garrett Marrero said in a release. "The delays were painful for all; however, it was important that we waited until we had made concrete decisions to avoid any further emotional whiplash for our collective teams. We are beyond stoked to be welcoming Modern Times into the Maui ‘Ohana and work together to achieve our fullest potential.”
“Maui Brewing and Modern Times are both distinctive in brand story," Modern Times CEO Jennifer Briggs said in a statement. "And what is most interesting and compelling is what we have in common — a sense of community, a commitment to a holistic mission for growth, a passion for brewing, and the taste, flavor, and experience we share with our patrons. The excitement for what this can mean for a shared future is palpable. This has been an uncommon situation in the way we've lived it out publicly, and now we have the opportunity to be methodical in opening the next chapter. And, damn, that chapter will be exciting!”
Both breweries are projected to produce a combined 125,000 barrels of beer this year. That would make it the largest craft brewery in the country, according to the Brewers Association.
