The chances of craft brewery founders cashing out for millions are slim to none, a panel of industry experts declared at the Mass Brewers Guild annual conference last week. While craft M&A is still active, today’s deals are likely “cashless,” Barrel One Collective CEO Nathaniel Davis said. Brewbound managing editor Jessica Infante recapped the discussion for Insiders, with some bonus deal history thrown in.

Brewbound Insiders are also catching up on the following news both in the Brewbound Insider Newsletter and on Brewbound.com:  

• A c-suite and board shakeup at Ball;
• Diageo’s new leader;
• Pat O’Dea’s promotion at Pabst;
• An update on the ever-evolving conversation about intoxicating hemp at the federal level;
• And Gen Z’s craving for customization.

Insiders also have access to the Brewbound Newsletter Archive, including previous newsletter-exclusive Insider content.

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Craft brewery owners dreaming of selling their businesses in multi-million dollar deals are doing just that – dreaming, industry leaders said last week during a panel discussion about exiting the business at the Mass Brewers Guild annual conference.

Barrel One Collective CEO Nathaniel Davis said: “The biggest mistake that I see is people are still in a dream world about what it could have been, or what it could still be, and expecting somebody to come in and realize that vision on your behalf somehow magically and pay you for the value that they're about to create.”

Davis was joined by Rory Fazendeiro, partner at Massachusetts law firm Bowditch. 

Fazendeiro added: “There's a lot of different ways and creative ways to structure a deal, and it's not always going to equal immediate cash in your pocket and then flying off to the islands.”

Insiders can read more about how founders/owners can prepare for a sale and revisit craft’s blockbuster deals of yore.

Intoxicating hemp beverages could be sacrificed in a deal to reopen the federal government.

As political factions in Washington, D.C., spar over how to end the longest-ever federal government shutdown in U.S. history, legislators – led by Sen. Mitch McConnell (R-KY) and Rep. Andy Harris (R-MD) – are attempting to use the situation to shape the future of hemp and intoxicating THC products and restrict the market created by the 2018 Farm Bill.

A full-year appropriations bill to fund the USDA and the FDA is now in front of the Senate Appropriations Committee and would cap all finished products at 0.4 mg of total THC per container (no more than 0.3% total combined THC isomers), a change that would effectively eliminate the hemp beverage market in its current state.

Insiders can read more here.

Ball Corporation is making a change to its top leadership post.

The world’s largest aluminum can manufacturer appointed Ronald J. Lewis as its new CEO, replacing Daniel W. Fisher, effective immediately. Lewis will also join the company’s board of directors. 

The CEO shakeup is a promotion for Lewis, who has served as Ball’s chief supply chain and operations officer since 2024.

Insiders can read more, including details on other leadership changes announced at the company and the positive outlook shared in a recent earnings call.

Diageo has tapped Sir Dave Lewis to lead the Guinness parent into its next chapter, ending a months-long search following former CEO Debra Crew’s departure in July.

Lewis, who previously spent 6 years as chief executive of the UK supermarket chain Tesco and nearly 3 decades at Unilever, will take over as CEO in January, Diageo announced today. 

Insiders can read more here.

Pabst Brewing has promoted Pat O’Dea to chief sales officer, effective immediately, the company announced Friday. 

O’Dea supplants Keith Diggs, who is vacating the role after nearly 4 years.

Insiders can read more about the move and Pabst’s trends.

The Brewbound team is on the move this week! Managing editor Jess Infante is in NYC for Beer Marketer’s Insights’ fall conference, and editor Justin Kendall is headed to Irvine, CA for the California Craft Beer Summit. Look for coverage of both events throughout the next week, as well as interviews from CA on future episodes of the Brewbound Podcast. 

On this week’s episode of the Brewbound Podcast, Justin chats with Mark Anthony Brands president David Barnett about the company’s total bev-alc strategy, and the momentum of White Claw. 

Ahead of the interview, BevNET managing editor Marty Caballero joins the episode to chat about the latest intoxicating hemp updates and narratives from the last week, including attempts to close the Farm Bill loophole. 

Beer may be outperforming wine in scans, but it hasn’t been so victorious in locker rooms. NHL players now join the list of MLB and NBA athletes who are switching over to wine, according to the latest Brewbound Insider’s Week in Beer newsletter. 

Florida Panthers goalie Sergei Bobrovsky has started hosting wine raffles to give bottles to teammates whenever he records a shut out performance, inspired by a tradition created by NY Rangers goalie Henrik Lundqvist, weekend newsletter writer Sean McNulty reported. 

Insiders can read more on the phenomenon and other GIF-worthy news.

Lauren Woods Limbach started at New Belgium as an assistant to the brewery's co-founders in 1996 and the rest is “an incredible fairy tale, wild ride, with some of the hardest work and the best people on Earth,” she said in an Instagram video last week announcing her upcoming retirement. 

In 28 years at New Belgium, Limbach accomplished an astonishing amount. She established the Fort Collins, CO-headquartered brewery’s sensory program after earning a certificate in an early cohort of U.C. Davis’ sensory science training. 

Limbach told Brewbound: “I had fun every day. My job never, ever just became a job. I never had a job description.” 

Insiders can read more about Limbach’s tenure, her philosophy on consumer interests and the 3-tier system and the absolute doozy she selected as her career’s final beer.

The countdown is on. 

In 30 days, Brewbound Live (Dec. 10-11 in L.A.) becomes the meeting place for brewers and professionals across beer and beyond. Brewbound Live brings together the full beverage-alcohol ecosystem, expect a mix of innovators and operators who know how to adapt, collaborate, and build smarter for what’s ahead.

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