Sapporo spent $250M on US craft beer and closed both acquisitions within a decade

In August 2017, Sapporo Breweries acquired Anchor Brewing, the 127-year-old San Francisco craft brewery, for approximately $85 million. Five years later, in June 2022, Sapporo bought Stone Brewing of Escondido, California, for $165 million. The two acquisitions represented a bet that a Japanese brewer could reverse the fortunes of American craft beer brands.

The bet failed. Anchor Brewing's sales declined throughout Sapporo's ownership, worsened by the pandemic's impact on bars and restaurants. In July 2023, Sapporo announced Anchor's closure and liquidation, ending a brewery that had operated since 1896. Stone Brewing lasted longer but posted a $91 million impairment charge on goodwill in early 2025, less than three years after acquisition.

In April 2026, Sapporo announced the transfer of Stone's brand assets to Firestone Walker, owned by Duvel Moortgat, alongside an additional $80 million impairment on the Escondido plant. Sapporo's total US craft beer spend of roughly $250 million returned a $23 million gain on asset transfer and two shuttered or divested brands.