Sam Adams maker buys craft brewer
Boston Beer Co., the Sam Adams brewer, has purchased Dogfish Head Brewery in a deal valued at $300 million, combining two well-known craft beer pioneers in the U.S.
It's the largest acquisition in the history of Boston Beer, which was founded in 1984 and in recent years has added products like Angry Orchard cider, Twisted Tea and spiked seltzer.
The rise of brands like Dogfish Head, started about 23 years ago in Delaware as a tiny craft brewery, have put a dent in the sales of beer-industry leaders. Now it's combining with Sam Adams at a time when craft beer, although still growing, has slowed down from its initial boom.
Boston Beer saw an opportunity to pounce, at least in part because the valuations of craft beer companies have come down, according to Chief Executive Officer Dave Burwick.
"We feel like now is the time to fortify and grow our beer business," the CEO said in an interview. "We're committed to craft beer for the long term."
Dogfish Head has grown into a top-20 craft brewery, according to the companies. The brand expects to post net sales of about $115 million this year, they said in a statement Thursday.
-- Bloomberg News
Ex-MLB executive joins Tyson board
Tyson Foods Inc. on Friday announced the appointment of Jonathan Mariner, a former Major League Baseball financial executive, to its board of directors.
Mariner, 64, serves as the founder of TaxDay, a private software firm, and on an interim basis as the head of Regional Sports Networks for the Walt Disney Co., pending its sale, according to a filing with the U.S. Securities and Exchange Commission.
Prior to that, he worked in professional sports for 23 years, serving in various roles such as the chief financial officer for the Office of the Commissioner of Major League Baseball, where he led accounting, treasury and budgeting efforts. He also worked as a financial executive for the Miami Marlins baseball club, Florida Panthers hockey club and Dolphins Stadium, today called the Hard Rock Stadium.
Mariner's appointment expanded Tyson's board of directors from 11 to 12 members, effective immediately.
-- Nathan Owens
State index regains 1.63, ends at 418.98
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed at 418.98 Friday, up 1.63 points.
Six stocks rose, and eight fell as markets closed higher for the first time in five days. Uniti Group shares rose 4.71%, followed by Tyson Foods at 2.40%. Dillard's fell 1.64%.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 05/11/2019