London-based Fuller Smith & Turner (Fuller’s) announced in a statement on its website that it has entered into an agreement for the sale of its entire beer business to Asahi Europe Ltd, a wholly owned subsidiary of Asahi Group Holdings. In addition to the Asahi brands, the company also owns the Peroni and Grolsch brands
The $327 million deal comprises the entirety of Fuller’s beer, cider and soft drinks business. It also includes the iconic Griffin Brewery in London, where beer has been brewed since 1654. Fuller’s will retain and now focus on its hotels and pubs business, which generates most of the company profits.
As a mid-sized brewer, similar to the heritage regional brewers in the U.S., Fullers said it was being squeezed between the global brewers and the 2,000 smaller brewers across the UK.