The UK’s Keystone Brewing Group has taken over craft brewers Magic Rock and Fourpure from In Good Company Brewing, acquiring an “exclusive license” to produce both brands.
Financial terms of the deal were not disclosed.
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In a statement, Keystone CEO Mark Williams, said the company had “secured an exclusive license with the brand owners to take these fantastic brands forward in the UK and worldwide”.
The company said it had “secured the future” of Magic Rock and Fourpure, which will join brands such as Black Sheep Brewery, and Wolf Pack in its portfolio.
In Good Company Brewing has owned Magic Rock and Fourpure brands since 2022, but had “fallen into financial difficulties” in recent months, Keystone added.
Fourpure Brewing was placed into voluntary administration in October, while administrators were appointed for Magic Rock earlier this month.
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By GlobalDataIn August, In Good Company announced the closure of Fourpure’s London production site, with plans to move operations to Magic Rock’s Huddersfield facility, which has also now closed, Williams confirmed.
“The Magic Rock brewery has unfortunately closed, and we are naturally saddened at the loss of the Magic Rock site, and the employees and their families directly affected by this.”
The Magic Rock brewery had halted its brewing operations several weeks before the deal was finalised, citing problems with cash flow, “as such there was no viable business left,” the executive added.
Magic Rock, set up in 2011, is known for its lagers, hazy pale ales, and IPAs.
Fourpure, established in 2013, was owned by Kirin Holdings from 2018 to 2022.
Both businesses had previously been independently owned.
Kirin’s subsidiary Lion initiated a review of its UK operations in January 2022, leading to the sale of assets under In Good Company to Odyssey Inns later that year.
With the latest deal, Keystone has “managed to save two iconic beer brands for future generations of beer lovers,” Williams said, adding that it reflects “Keystone’s strategy of building an impressive portfolio of high-quality and distinctive beverages”.
Keystone, formerly known as Breal Group, looks to grow its beer business to a turnover of £100m by 2028, primarily through mergers and acquisitions.
Discussing the value of companies it is targeting, Williams said at the time: “I guess our sweet spot would be maybe £10m turnover-plus.”
In 2023, Keystone acquired four breweries either entering or on the brink of administration: Black Sheep Brewery, Brew By Numbers and Purity Brewing Co. and Brick Brewery.
Speaking to Just Drinks in February last year, Williams also indicated Keystone had intentions to acquire a number of bars to promote and sell its products.
He said: “We recognise that we need an estate, we need a group of pubs that can promote and sell our liquid.
“Now, we are already getting to the stage where we could probably fill an entire bar with the range of drinks that we have.”
