AB InBev, the parent company of Bud Light and other beers, has sold one of its brands back to its original founders as the company grapples with its decision to partner with trans activist Dylan Mulvaney.
That decision has cost the global brewer billions of dollars in value over the past two months.
According to The Charlotte Business Journal, the company offloaded a brand it purchased as part of a portfolio of craft beers three years ago.
The co-founders of North Carolina’s Appalachian Mountain Brewery and Cidery in Boone bought their company back this week.
Nathan Kelischek and Chris Zieber, who are cousins, founded the brewery in 2011.
In 2018, AMB was sold to the Portland, Oregon-based Craft Brew Alliance.
AB InBev, which had a stake in the Craft Brew Alliance, acquired the remainder of it for $220 million in 2020, Forbes reported.
As of this week, AMB was back in the hands of its founders.
The reason for the decision to offload the brand by AB InBev was not announced.
Kelischek and Zieber announced the acquisition of the company they founded in a joint statement on the AMB website.
“We’re grateful to have spent the last two years as active founders within A-B’s craft portfolio and want to thank the people at A-B, including our fellow craft brewery founders, for the support, collaboration and friendship that we’ve enjoyed during our time together,” the cousins said.
The duo added:
“We will be shifting our focus immediately on growing our local team, opening our new taproom in Mills River, NC, and continuing our investment in sustainability and philanthropy efforts that make a difference in our North Carolina communities.
“This all hinges on producing the highest quality products and delivering a unique experience for our customers.”
AMB says that under its original leadership, it will “continue to brew award-winning, high-quality beers and ciders” with a focus on “laidback Southern hospitality.”
Since April, when the company’s partnership with Mulvaney was announced, the company’s share price has dropped almost 20 percent.
This article appeared originally on The Western Journal.