(WXYZ) — Grand Rapids-based Founders Brewing company is being sold to a Spanish brewery group, according to a report in MiBiz.
The report published on Thursday said Mahou-San Miguel Group will hold a 90 percent stake in the company. They are currently hold a minority share, 30 percent in the company.
According to the report, Founders filed documents with the liquor control commission, and co-founders Mike Stevens and Dave Engbers will each maintain a 5 percent stake in the company.
MiBiz reports that the company expects no changes in day-to-day operations and the leadership team for the brewery will also stay intact.
“It’s going to give us the opportunity to take Founders to a whole other level,” Stevens said to MiBiz. “And frankly, we have to. We’re a growing company. We have 650 employees. We owe it to our employees to do the best we can to protect them with jobs into the future. This is a great opportunity for us to do that.”
According to the report, both companies expect the acquisition to close by the end of January 2020.
Last month, Founders started distributing in Hawaii, making the beer available in all 50 states.