Founders Brewing Co., Michigan’s largest brewery, Founders Brewing Co. as announced that it will sell majority ownership to its Spanish brewing partner, Mahou San Miguel Group. Mahou, which previously purchased a 30% stake in the company in 2014 will now own 90%.
Mike Stevens and Dave Engbers, who co-founded Founders in 1997, will each retain a 5% share.
MiBiz.com first reported the deal Thursday afternoon. Founders confirmed the move as reported in the Detroit Free Press.
“Since 2014, we’ve enjoyed an excellent relationship with Mahou Group,” Founders said in a statement. “We’re fortunate to have a partner with whom we can exchange brewing knowledge and business strategy, who also reflects our values as a company. Day-to-day operations will continue to be led by the existing Founders team. We’ll continue to make the beers we love and have a partner in Mahou Group, who is just as passionate about beer and the future of Founders as we are.