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Carlsberg to Acquire Waterloo Brewing

The $105 million deal will strengthen Carlsberg’s position in Canada and produce significant supply chain and revenue synergies.

Waterloo Brewing Logo

The Carlsberg Group has entered into a definitive agreement with Waterloo Brewing to acquire all the issued and outstanding common shares of the company for approximately $105 million in aggregate (including options). The acquisition is expected to strengthen the Carlsberg Group’s market position in Canada with local production and Waterloo Brewing’s brands, in addition to delivering significant supply chain and revenue synergies.

Expected to close early in the first half of next year, the transaction is subject to approval by Waterloo Brewing’s security holders and the satisfaction or waiver of other customary closing conditions. The transaction has been approved by the boards of directors of both companies, and Waterloo Brewing’s board of directors has recommended that Waterloo Brewing shareholders vote in favor of the transaction.


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Carlsberg’s international beer and cider portfolio complements Waterloo Brewing’s portfolio of local beers and ready-to-drink (RTD) beverages. The acquisition is expected to create a highly competitive company in the Canadian beer and RTD market. In addition, Waterloo Brewing’s production facility in Kitchener, Ontario, will produce some of the Carlsberg Group’s brands, including Somersby cider, which has been produced at Waterloo Brewing since 2020.

Waterloo Brewing President and CEO George Croft says, “We’ve enjoyed a close relationship with Carlsberg and are excited about becoming part of one of the largest brewing companies in the world. Waterloo Brewing will be a great fit with Carlsberg’s strong, purpose-driven culture, and our board of directors is confident that joining Carlsberg is the best long-term solution for our employees, partners, customers, consumers, and community.”


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