當我在2016年年初造訪角鯊頭（Dogfish Head）的精釀啤酒廠時，曾經向創始人薩姆·卡拉卓尼提出過一個問題：為什么他的同行都把公司賣給了百威英博（Anheuser-Busch InBev）和摩森康勝（Molson Coors）這樣的大型企業集團？他回答道：“這是不可避免的。”

當時我和卡拉卓尼站在特拉華州米爾頓的啤酒廠里，他說：“我們那一代精釀啤酒廠的創始人都已經臨近退休年齡。我不會責怪那些選擇賣掉大部分公司或整個公司的人。”為了給角鯊頭注入更多商業智慧，卡拉卓尼在2015年將公司15%的股份賣給了私人股本公司LNK Partners，不過他對我說，他會堅持不賣掉整家公司，如此一來，他的孩子（當時分別只有13歲和16歲）未來某一天還可能把這家他和妻子瑪利亞創立的公司經營下去。

不過，不可避免的那一刻比卡拉卓尼預期的來得更早一些。角鯊頭于上周四宣布，公司將接受3億美元的現金與股票，被Sam Adams的釀造商波士頓啤酒公司（Boston Beer Company）并購。這兩家美國排名前15位的精釀啤酒廠聯手，可以更好地應對大型啤酒集團的競爭，以及擁擠的精釀啤酒市場給小型酒廠帶來的銷售壓力。卡拉卓尼已經同意加入波士頓啤酒公司的董事會。

卡拉卓尼在宣布交易的博文中寫道：“兩家公司聯手，可以更好地與那些規模超過我們50倍的大型跨國啤酒巨頭競爭，盡管合并后公司的啤酒銷售份額在美國也僅有不足2%。”他沒有立刻接受《財富》雜志的采訪。

交易達成之時，精釀啤酒廠正在遭遇著增長乏力之痛。美國精釀協會（Brewers Association）的數據顯示，精釀啤酒的銷售額在2018年的增長率只有3.9%，在規模達1,140億美元的啤酒市場上僅占據了13.2%的份額。曾經有人預期精釀啤酒到2020年將會占據市場總份額的20%，不過許多因素導致了其增速的放緩。消費者的啤酒飲用量有所減少，取而代之的是更多的烈酒和葡萄酒。他們還開始青睞“大麻飲料”、含有酒精的蘇打水和氣泡礦泉水，甚至不含酒精的飲料。

啤酒市場的“四大”統治者百威英博、摩森康勝、星座集團（Constellation Brands）和喜力（Heineken）的收購也給行業帶來了傷害。拉古尼塔斯（Lagunitas）、鵝島啤酒（Goose Island）、岬角啤酒（Ballast Point）等被逐一吞并，削減了美國精釀協會認定的“精釀”的份額。精釀啤酒廠也開始通過合并來增強競爭力。

角鯊頭和波士頓啤酒的聯姻似乎是出于相互尊重的立場。在我之前的采訪中，卡拉卓尼和波士頓啤酒的吉姆·科赫這兩位創始人分別給予了對方高度贊揚。兩家公司也都誕生于上一波精釀啤酒浪潮：波士頓啤酒創立于1984年，角鯊頭則是1985年。

不過兩家公司都面臨著大型啤酒廠商和在消費者中引發更大反響的小型利基釀酒廠的壓力。波士頓啤酒的Sam Adams上一次年銷售額有所增長還是在2014年，公司的整體銷售因此承擔了壓力，只能在非啤酒品牌上尋求突破。2018年，經銷商對零售商的銷量同比攀升13%，這多虧了Truly Hard Seltzer、Angry Orchard cider和Twisted Tea，而Sam Adams這個品牌又一次出現下滑。

角鯊頭也遭遇困境。從美國精釀協會根據銷售量制定的年度精釀酒廠排行來看，公司從2009年起就躋身前20位，之后卻一直徘徊在第11名至16名之間。2018年公司排在第13位（波士頓啤酒則名列第二位）。

這次聯手可以讓兩家公司在營銷、原料采購、瓶裝、標簽和其他投入成本上整合力量，也讓合并后的新公司在與批發商談判時更具分量，后者可以將啤酒賣給零售商。

這筆交易有趣的一點在于，合并的這兩家公司都位于美國東北地區（波士頓啤酒在馬薩諸塞州，角鯊頭在特拉華州），是各自大本營附近實力最強的酒廠。這與百威英博和摩森康勝采用的地區差異化戰略有所不同，它們收購的精釀啤酒廠來自于美國各地。究竟這是一大利好，還是成為掣肘，還有待觀察。

科赫在上周四的聲明中表示：“這次聯手可謂天作之合。波士頓啤酒和角鯊頭都熱衷于釀造和創新，我們有著共同的價值觀，隨著在高端啤酒領域的繼續投資，我們會從彼此身上學到更多。”

因此，這次合并未必完全出于戰略考量，還可能摻雜著情感因素。兩家精釀啤酒廠的創始人恐怕已經意識到，如今的局勢不復當年，他們得在自己被大型酒廠吞并之前大膽行動起來。（財富中文網）

譯者：嚴匡正

When I paid a visit to Dogfish Head Craft Brewery in early 2016, one of the questions I asked founder Sam Calagione was why so many of his beer peers were selling out to large conglomerates like Anheuser-Busch InBev and Molson Coors. His response: “It was inevitable.”

“The patriarchs and matriarchs of our [craft] movement are coming to retirement age,” said Calagione, as we stood in his brewery in Milton, Delaware. “I don’t fault those that are choosing to sell the majority or all of their company.” Calagione had sold a 15% stake in his company to private equity firm LNK Partners in 2015 to bring more business acumen to Dogfish, but told me that he was holding out on a full sale so his children—then aged 13 and 16—could one day potentially run the business he and his wife Mariah built.

Inevitability came earlier than Calagione anticipated. On last Thursday, Dogfish Head announced it would merge with Sam Adams brewer Boston Beer Company in a $300 million cash-and-stock transaction, combining two of the nation’s top 15 craft brewers to better take on competition from Big Beer and a crowded craft beer landscape that’s put pressure on the smaller players’ sales. Calagione has agreed to take a seat on Boston Beer’s board of directors.

“Together, we’ll be better positioned to compete with larger international beer conglomerates that are more than 50x our size, despite our combined company’s volume representing less than 2% of the beer sold in the U.S.,” wrote Calagione in a blog post announcing the deal. Calagione wasn’t immediately available for an interview with Fortune.

The deal comes at a time when craft brewers have faced tough growing pains. Craft beer sales only grew by 3.9% in volume in 2018, according to the Brewers Association, capturing just 13.2% of the total $114 billion beer market. There had once been aspirations that craft beer would make up 20% of the market by 2020, but a number of factors have led to a slowdown. Consumers are drinking less beer, replacing it with more spirits and wine. They are discovering a number of alternatives like cannabis drinks, “hard” alcoholic versions of soda and seltzer, and even nonalcoholic drinks.

The industry was also hurt by takeovers by AB InBev, Molson Coors, Constellation Brands, and Heineken—the “Big Four” that dominate the beer aisle. Every time a Lagunitas, or a Goose Island, or a Ballast Point was acquired, it removed their volume from the beers that the Brewers Association deemed “craft.” Craft brewers also started to merge to better compete

The Dogfish Head-Boston Beer marriage seems to come from a place of mutual respect. Both of the founders—Calagione and Boston Beer’s Jim Koch—have separately spoken highly of each other to me during past interviews. Each was part of the earlier waves of the craft beer movement: Boston Beer started in 1984 and Dogfish Head debuted in 1995.

But both are facing pressure as they face a squeeze from Big Beer and smaller, niche craft brewers that generate greater buzz with drinkers today. Boston Beer’s Sam Adams brand last posted annual growth in 2014—putting pressure on the company’s overall sales, which have had to depend on non-beer brands for growth. In 2018, depletions— or distributor sales to retailers—climbed about 13% from the prior year thanks to increases for Truly Hard Seltzer, Angry Orchard cider, and Twisted Tea. But the Sam Adams brand declined again.

Dogfish Head has also been stuck of late. It became a top 20-selling craft brewer as of 2009, according to the Brewers Association’s annual statistics ranking breweries by volume. But it has muddled between 16th and 11th ever since—ranking 13th in 2018. (Boston Beer was #2.)

A deal between the two will help them combine forces as it pertains to marketing, purchasing of ingredients, bottles, labeling, and other input costs, while also giving the combined company heft to better negotiate with wholesale distributors, who sell beer to retailers.

One interesting aspect of the deal is that it combines two brewers that are regionally strongest in the northeast near their home bases: Boston Beer from Massachusetts and Dogfish Head from Delaware. That differs from the regionally diverse acquisition strategy pursued by the likes of AB InBev and Molson Coors, who have bought craft brewers from all across the United States. It remains to be seen if that will be beneficial or a hinderance.

“This combination is the right fit as both Boston Beer and Dogfish Head have a passion for brewing and innovation, we share the same values and we will learn a lot from each other as we continue to invest in the high-end beer category,” said Koch in a statement on last Thursday.

So perhaps, this deal isn’t entirely strategic. There’s an emotional element at play when two craft founders realize the landscape has changed so drastically they need to make a bold move before being gulped up by that Big Beer boogeyman.