Investment aims to fuel long-term growth to
meet rising consumer demand for non-alcoholic beer
MILFORD,
Conn. and SAN DIEGO,
July 9,
2024 /PRNewswire/ -- Athletic Brewing Company,
America's largest non-alcoholic brewery, today announced it has
closed a $50 million equity financing
round led by General Atlantic, a leading global growth investor,
with participation from multiple existing investors.
Athletic plans to use the new capital to drive continued
long-term growth, including through the recently announced purchase
of a third U.S. brewing facility and the ongoing expansion of its
world-class non-alcoholic beer at retailers across the globe. With
the closing of the transaction, General Atlantic has assumed a seat
on the company's Board of Managers.
"We're thrilled to welcome General Atlantic as a key growth
partner at a time when we're significantly expanding our West Coast
capacity to meet increasing demand for Athletic beer," said
Bill Shufelt, Co-Founder and CEO of
Athletic. "We are passionate about transforming the way modern
adults drink and converting critics into believers. We're at the
start of a long-term trend, and we couldn't be more excited to have
General Atlantic by our side as Athletic begins its next phase of
growth."
Launched in 2018, Athletic developed a proprietary brewing
method to make fully fermented non-alcoholic brews that are
indistinguishable from their full-strength alcohol counterparts. An
industry pioneer, Athletic has grown from one of the smallest
breweries in America, producing just 875 barrels in 2018, to a top
20 U.S. brewery that sold over 258,000 barrels in
20231.
"Athletic has rapidly become the category-defining brand in
non-alcoholic beer, and we are excited to partner with Bill and
John as the company continues to grow," said Andrew Crawford, Managing Director and Global
Head of Consumer at General Atlantic. "With a differentiated
brewing process, leading taste profile, and loyal customer base,
Athletic is poised to take advantage of the expanding global demand
for non-alcoholic beer. We intend to leverage our international
platform and capabilities across technology, digital marketing, and
merchandising to help the business achieve its potential."
According to recent polling, 41% of Americans are actively
trying to moderate their alcohol consumption in 2024, a 7% increase
from 20232. Meanwhile, 58% of consumers say that low-
and non-alcoholic beer is a good alternative for anyone looking to
moderate their alcohol consumption long-term3.
Recently named one of TIME's "100 Most Influential Companies" of
2024 and selected as one of GQ's 20 most creative companies in the
world, Athletic has revolutionized both the quality and marketing
of non-alcoholic beer — making moderation more accessible and
creating new occasions for the brewing industry in the process.
"General Atlantic shares Athletic's excitement for the future of
the non-alcoholic beer market. We look forward to working with the
Athletic team as they continue to expand their extensive portfolio
and lead further innovation in this dynamic category for years to
come," added Harrison DiGia, Vice
President at General Atlantic.
Athletic currently operates custom brewing facilities in
Milford, Connecticut, and
San Diego, California. The
investment from General Atlantic, alongside other key investors,
closely follows Athletic's recent acquisition of a second
San Diego brewing facility,
formerly known as Ballast Point. Over the next 18 months, Athletic
is planning a series of renovations and site improvements at the
new facility which will include the installation of a new packaging
line and enhancements to the brewhouse, cellar, and lab to meet the
company's strict food safety and quality standards. Once
operational, Athletic expects to double its U.S. brewing
capacity.
Athletic — ranked by the Brewers Association as the 10th largest
U.S. craft brewery and 20th largest overall U.S. brewing
company4 — is America's number one non-alcoholic
beer brand. With dollar sales growing by more than 60%, Athletic
currently holds over 19% market share within non-alcoholic beer and
is driving 32% of total non-alcoholic beer category
growth5.
For press inquiries, please contact:
Chris Furnari |
press@athleticbrewing.com
Jack Taylor PR | athleticbrewing@jacktaylorpr.com
Emily Japlon & Sara Widmann | media@generalatlantic.com
Additional Assets:
Brand images can be downloaded here
About Athletic Brewing Company
Athletic Brewing Company is the largest and most decorated
non-alcoholic brewery in America. Athletic is revolutionizing how
modern adults drink by crafting game-changing NA beer that can be
consumed anytime and anywhere. Launched in 2018, Athletic is now
the number one non-alcoholic beer brand in America1 and
a top 20 U.S. brewing company2. Its award-winning brews
are available nationwide at over 50,000 retailers and 25,000
on-premise venues. Athletic operates custom breweries in
Connecticut and California and donates up to $2 million annually to protecting and restoring
outdoor spaces across the globe via its Two For The Trails program.
Athletic is proudly a Certified B Corporation™. Learn more and shop
at www.athleticbrewing.com.
Follow Athletic Brewing
on Facebook, Instagram, LinkedIn, TikTok, X,
and YouTube to stay up-to-date on all things Athletic.
About General Atlantic
General Atlantic is a leading global growth investor with more
than four decades of experience providing capital and strategic
support for over 520 growth companies throughout its history.
Established in 1980 to partner with visionary entrepreneurs and
deliver lasting impact, the firm combines a collaborative global
approach, sector-specific expertise, a long-term investment
horizon, and a deep understanding of growth drivers to partner with
great entrepreneurs and management teams to scale innovative
businesses around the world. General Atlantic has approximately
$84 billion in assets under
management inclusive of all products as of March 31, 2024, and more than 300 investment
professionals based in New York,
Amsterdam, Beijing, Hong
Kong, Jakarta, London, Mexico
City, Miami, Mumbai, Munich, San
Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel
Aviv. For more information on General Atlantic, please
visit: www.generalatlantic.com.
1 Athletic Brewing Company Internal
Records
2 NCSolutions Consumer
Sentiment Survey
3 Beer Institute
& Morning Consult
Poll
4 Brewers Association Top 50
U.S. Brewing
Companies
5 NielsenIQ, Total US
xAOC + Liq Plus + Conv, CYTD Wks ending 6/15/24.
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SOURCE Athletic Brewing Company