TORONTO - Canadian beer giant Labatt Breweries is buying Toronto-based Mill Street Brewery for an undisclosed amount as it looks to gain a bigger stake in the burgeoning craft beer market.
The acquisition of the privately held Mill Street brand will help Labatt expand the craft label into new markets, including Quebec, executives told The Canadian Press on Friday ahead of an official announcement.
"We think that this partnership will really help expand awareness of craft across the country," said Charlie Angelakos, vice president of corporate affairs at Labatt.
"The folks of Mill Street have built a great business and we want to continue to help them foster that growth."
Labatt will also invest $10 million into the company's brewery operations.
"Many craft brewers in Ontario are experiencing this huge surge just to keep up with demand," said Mill Street co-founder Steve Abrams.
