Chobani founder and CEO buys Anchor Brewing
Dive Brief:
- Chobani founder and CEO Hamdi Ulukaya will purchase San Francisco-based Anchor Brewing, the brewer announced Friday. Financial terms of the deal were not disclosed.
- The US’s oldest craft brewer closed last summer after 127 years in business, citing heavy competition and stagnant sales in the crowded craft beer category.
- The billionaire yogurt executive’s purchase begins a new chapter for the brewer, which will once again operate a taproom in San Fransico’s Petorero Hill neighborhood. Anchor is known for its Steam Beer, which results from fermenting yeast at a higher temperature.
Dive Insight:
Anchor Brewing’s demise last year was largely attributed to financial woes caused by the high number of entrants into the craft beer space over the past decade and an inability to adapt to the marketplace following the pandemic. After announcing it was shuttering its operations last July, fans started petitions to reopen it and workers explored repurchasing the brewery themselves.
With the backing of a CPG industry heavyweight, the brewer could be in an improved position as it re-enters the craft beer market.
In Anchor’s announcement, Ulukaya said the purchase signals a “rebirth” for both the brewer and San Francisco, a city which has experienced a period of negative headlines since the pandemic.
“I have fallen in love with this city, its history, grit and charm. I believe brands born in places like this are incredibly special and must be treasured, respected and loved,” Ulukaya said. “I am humbled and excited to be part of this city and its rich community of people, who have a spirit that is special and unique. I have learned so much about Anchor and its role in San Francisco’s journey, and I look forward to doing whatever I can to support this amazing story of revitalization.”
In an interview with the San Francisco Chronicle last week, Ulukaya said he aims to get the brewery reopened as soon as he is legally allowed to by the city. He told the newspaper he hadn’t heard of Anchor until stumbling upon an article about its closure last year, but became excited about the prospect of restarting the company. The executive saw parallels between Anchor and Chobani, which began in a yogurt factory in upstate New York that was about to shutter.
“Wouldn’t it be amazing to get it going in time to make the Christmas ale this year? That would be awesome,” Ulukaya told the Chronicle.
According to Ulukaya, there are plans to re-hire previous employees at the reopened brewery.
Anchor was previously owned by Japan-based Sapporo, which purchased the brewer for $85 million in 2017. When the brewer closed in July 2023, Sapporo said it made efforts to find buyers for Anchor to no availability.
Some industry observers believe Anchor was unsuccessful at keeping up with trends in the space. Last year, Marcum analyst David Oksenhorn told Food Dive in an interview that Anchor lost its way when it strayed from its traditional style by taking a new approach after the craft beer boom of the 2010’s, such as launching hazy IPAs and selling its beer in cans.
Ulukaya, who hails from Turkey, has served as Chobani’s chief executive since he launched the company in 2005, guiding it to its position as the #1 yogurt business in the U.S. and expanding its portfolio into offerings like oat milk and coffee.
Source: fooddive.com