Major Company Invests $50M In Stratford-Based Athletic Brewing Company

STRATFORD, CT — Stratford-based Athletic Brewing Company has received a $50 million investment from Keurig Dr Pepper, according to officials.

Keurig Dr Pepper Inc. recently announced a minority stake in Athletic Brewing Company, the leading non-alcoholic craft beer maker in the country. The transaction represents Keurig Dr Pepper’s “latest move into rapidly emerging beverage categories, following its acquisition of non-alcoholic ready-to-drink cocktail brand Atypique,” according to a news release.

“The $50 million investment by KDP provides the company with an equity stake in Athletic Brewing that is comparable to other lead investors, namely TRB Advisors and Alliance Consumer Growth,” officials wrote in a news release. “KDP will have a seat on the company's Board of Directors.”

Further terms of the deal weren’t disclosed.

Athletic Brewing was founded in 2017 by Bill Shufelt and John Walker and is a top-20 U.S. craft brewer, according to Nielsen. In 2022, Athletic Brewing was ranked as the 26th fastest-growing private company in America by Inc. Magazine and was also named to Time Magazine's "100 Most Influential Companies" list.

"Athletic Brewing is a winning brand in a rapidly growing beverage segment,” Keurig Dr Pepper Executive Chairman Bob Gamgort said in the news release. “Our investment reflects our interest and ability to move into exciting white spaces, including in the blurring of the alcoholic and non-alcoholic categories. We look forward to partnering with the Athletic Brewing team to help them scale the business."

Shufelt said Athletic Brewing Company is “thrilled to welcome Keurig Dr Pepper as an investor and strategic partner.”

“Their team brings a tremendous amount of expertise and truly embraces our mission of brewing great-tasting non-alcoholic beers that are fit for all times,” Shufelt said. “This investment will enable Athletic Brewing to further accelerate our growth across North America.”

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