Duvel Moortgat USA has agreed to acquire Stone Brewing Co. from Sapporo Holdings, with the transaction expected to close in the second quarter of 2026. Financial terms were not disclosed, although Sapporo’s 2022 acquisition of Stone was valued at around USD 165 million to USD 168 million.
The agreement primarily covers the Stone brand, intellectual property, and related hospitality assets, which will be integrated into Firestone Walker Brewing Company, Duvel’s Californian subsidiary. Future production of Stone beers will be transferred to Firestone Walker’s brewery in Paso Robles and to Boulevard Brewing Co. in Kansas City.
Crucially, key production sites remain with Sapporo. The Richmond, Virginia facility will stop brewing Stone beers after a transition period ending around May 2026 and will become Sapporo’s main production hub in the USA. The site, with a capacity of about 400,000 barrels (469,391 hectoliters), is already largely focused on Sapporo volumes and will be fully dedicated to the Japanese brewer going forward. The taproom is also expected to be rebranded under Sapporo.
Stone’s flagship Escondido brewery in California is likewise not included in the sale. Sapporo will continue brewing Stone products there during a transition phase expected to run through the end of 2026. Beyond that, the company plans to consolidate US production in Richmond and is actively seeking a buyer or partner for the Escondido site, where around 300 jobs are currently based.
In contrast, the Liberty Station brewery in San Diego is part of the transaction and will remain an operational site under Duvel’s ownership, ensuring a continued physical presence for the Stone brand in California.
The deal marks the second ownership change for Stone in just four years. Founded in 1996 by Greg Koch and Steve Wagner, the brewery became a symbol of US craft independence, particularly through its outspoken positioning and flagship IPAs. However, after its sale to Sapporo in 2022, the focus shifted toward production capacity and scaling US operations.
Sapporo invested approximately USD 60 million in expanding Stone’s facilities, building total capacity to about 700,000 barrels (821,434 hectoliters). Despite these efforts, performance fell short of expectations, prompting a strategic reset that separates brand ownership from brewing infrastructure.
For Duvel, the acquisition strengthens its US craft portfolio and follows earlier expansion moves such as the addition of Trumer Pils and the closure of its Berkeley production site (inside.beer, 3.4.2026). The key question now is whether Stone can regain momentum under a brewer known for preserving brand identity while optimizing production across its network.
