InBev Acquires Island Brewing Company

InBev beer behemoth announced another craft brewery will be added to its portfolio: this time Carpinteria-based Island Brewing Company. The craft beer segment has been exceeding analysts projections through a string of consecutive quarters, and the move furthers the Belgian-based beverage giant's move into the small beer manufacturer market.

The companies signed an agreement earlier this week and the transaction is expected to close later this year; no financial details were disclosed, but sources close to the deal cited InBev investing a 50% stake in the brewery.

In a statement, Island Brewing Company said it was looking forward to working with the industry giant to expand production and manage the brewery's exponential growth.

"When we started brewing 15 years ago, we were in it for the love,' said owner and founder Paul Wright. 'We're still in it for the love, and exciting times lie ahead. There never been a better time to be a beer drinker."

The new partnership, will allow Island Brewing Company to export the exciting vibe of American craft beer globally.