In a surprising turn of events that has sent ripples through both the brewing and dairy industries, Hamdi Ulukaya, the billionaire founder of Chobani yogurt, and his company Shepherd Futures, announced its acquisition of Anchor Brewing Co. for an undisclosed amount. This move signifies a significant diversification for Ulukaya and opens new horizons for Anchor Brewing, a 127-year-old stalwart in the American craft brewing landscape. Shepherd Futures is the family office of Ulukaya, and the deal encompasses all assets of Anchor. From the press release:
“What an exciting time for San Francisco and Anchor Brewing,” said Hamdi Ulukaya. “Both are experiencing the magic of rebirth. I have fallen in love with this city, its history, grit and charm. I believe brands born in places like this are incredibly special and must be treasured, respected and loved.”
“San Francisco is at the heart of Anchor Brewing, and Anchor embodies so much of what makes this city great,” continued Ulukaya. “I am humbled and excited to be part of this city and its rich community of people, who have a spirit that is special and unique. I have learned so much about Anchor and its role in San Francisco’s journey, and I look forward to doing whatever I can to support this amazing story of revitalization.”
A blend of heritage and innovation
Anchor Brewing, established in 1896, is renowned as one of America’s oldest craft breweries, credited with pioneering the craft beer movement. Known for its flagship Anchor Steam Beer, the brewery has a storied history deeply intertwined with San Francisco’s cultural fabric. In 1965, Anchor’s new owner Fritz Maytag revived the brewery for a new era, charting a course that was foundational in the craft beer movement. However, recent years have seen the brewery grappling with financial challenges and shifting consumer preferences in the highly competitive craft beer market.
In 2010, Anchor was purchased by The Griffin Group — investors focused on booze brands. In 2017, the company was acquired by Sapporo for $85 million, but last year Sapporo decided to discontinue the brand. Enter Hamdi Ulukaya, an entrepreneur whose name has become synonymous with innovation and quality in the food industry. Ulukaya was raised in a dairy-farming family in a small village in eastern Turkey. After moving to the United States he founded Chobani in 2005, growing it into the No. 1-selling strained yogurt brand in the United States.
Ulukaya and Chobina seem to have their sights on beverage. In 2023 Chobani acquired La Colombe for $900 million — a leading coffee roaster. As a result, Chobina has begun selling cold-pressed espresso and lattes on tap at 32 cafes — as well as ready to drink (RTD) coffee beverages at retail.
Ulukaya also seems like a cool leader. He has been a vocal advocate for social responsibility, as evidenced by Chobani’s initiatives in supporting refugees, offering generous employee benefits and promoting sustainable practices. Here’s a cool example: Ulukaya founded the Tent organization, which helps connect refugees with jobs. We hope that Anchor Brewing will adopt similar initiatives under Ulukaya’s leadership, enhancing its reputation as a socially responsible and community-focused brand.
Since founding Chobani in 2005, Ulukaya has transformed the brand into a yogurt powerhouse, credited with popularizing Greek yogurt in the United States and significantly impacting the American dairy market. His acquisition of Anchor Brewing marks a bold foray into the craft beer industry, promising a new chapter for both Anchor Brewing and Ulukaya.
In finale (according to the press release):
Ulukaya intends to bring back the iconic brand that so many in San Francisco and around the world have loved for so long.
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