Keystone Brewing Group, a private equity investment firm that emerged in 2024 from the rebranded London-based BREAL Group, has announced the acquisition of the entire range of beer brands from North Brewing Co, marking the third craft beer takeover by the company in recent months. The purchase from Vertical Drinks follows Keystone’s earlier acquisitions of Magic Rock and Fourpure from In Good Company (inside.beer, 6.1.2025).
With this transaction, Keystone, which rebranded from Breal Group almost a year ago, strengthens its craft beer portfolio, which already includes Black Sheep, Brew By Numbers, Purity Brewing, Big Drop,Wolf Pack, and Maison Sassy Cider. The financial details of the deal were not disclosed.
The Springwell brewery in Leeds, where North Brewing Co’s beers are produced, will continue operating under the stewardship of Kirkstall Brewery, which owns the facility. Keystone assured that no job losses would result from the transfer and emphasized its commitment to expanding the North Brewing Co brand both nationally and internationally.
“We are delighted that North Brewing Co’s brand and beers will join the Keystone family,” said Mark Williams, CEO of Keystone Brewing Group. “It is a true icon with a compelling reputation for innovation and high-quality beers, and we see enormous potential to build on its success while preserving its Yorkshire identity.”
North Brewing Co, originally founded in 2015 by John Gyngell and Christian Townsley, has built a strong reputation for hop-forward beers, hazy IPAs, and its TFGs (triple-fruited goses). The brand has won Best Brewing Company at the Publican Awards three consecutive years (2020-2022). Facing financial struggles, the company filed for administration in early 2024, prompting Kirkstall Brewery to step in and operate the brand under Vertical Drinks.
Steve Holt, owner of Kirkstall Brewery, will join Keystone as a special advisor. “They have the sales and marketing resources to expand distribution and accelerate the brand’s growth. I am also delighted that Springwell will continue to brew and package North beers,” Holt stated.
Keystone expressed confidence in the future of craft beer despite challenges in the hospitality sector, such as rising costs and duty increases. The company aims to leverage its national sales force and robust distribution network to drive growth for North Brewing Co domestically and internationally.
As part of its expansion strategy, Vertical Drinks will invest in the Springwell brewery, transforming it into a state-of-the-art contract brewing and packaging site. This move is expected to enhance production capacity while maintaining the quality and innovation that North Brewing Co is known for.
With a rapidly growing portfolio now valued at around GBP 100 million (USD 127 million), Keystone Brewing Group is positioning itself as a dominant player in the UK craft beer market. CEO Mark Williams hinted at further acquisitions, stating, “These are exciting times for Keystone, and we’re not finished yet.”
