Molson Coors Beverage Company Acquires Blue Run Spirits, Further Expanding Its Portfolio Beyond the Beer Aisle

Kentucky-based Blue Run complements Molson Coors’ growing spirits portfolio with high-end, award-winning bourbon and rye whiskies

Blue Run co-founder and CEO Mike Montgomery to lead expanded Coors Spirits Co. team

Molson Coors Beverage Company ("MCBC" or "Molson Coors") (NYSE: TAP, TAP.A) has reached an agreement to acquire Blue Run Spirits (“Blue Run”), a visionary and award-winning producer of finely crafted bourbon and rye whiskies. The deal represents another step in Molson Coors’ evolution as a total beverage company while providing Blue Run with resources to continue its growth.

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Based in Georgetown, Kentucky, Blue Run is one of the whiskey industry’s most compelling new entrants since the brand’s launch in October 2020. The company has won numerous awards, including Best Small Batch Bourbon - 11 Years Old & Older and Best Single Barrel Bourbon - 11 Years Old & Older at the 2021 San Francisco World Spirits Competition, and most recently was awarded Best High Rye Bourbon at the 2023 New Orleans Spirits Competition. It has also gained international acclaim among whiskey experts and branding aficionados who laud Blue Run’s divergence from traditional industry norms, which Forbes has called “sneakerizing the bourbon industry,” with premium whiskies that generate intense interest with each release.

As Molson Coors’ first spirits acquisition, the addition of Blue Run boosts the company’s footprint in spirits as it continues to evolve from its storied history as a beer company and premiumize its portfolio. In tandem with the acquisition, Molson Coors has established Coors Spirits Co., an expansion of its existing spirits business, which will house Blue Run, Five Trail Blended American Whiskey, Barmen 1873 Bourbon and future innovation. This acquisition will more than double the size of Molson Coors’ spirits team, further supporting the company’s premiumization strategy.

Molson Coors entered the whiskey space with the 2021 launch of Five Trail Blended American Whiskey (which won double gold at the 2022 San Francisco World Spirits Competition) and the 2022 introduction of Barmen 1873 Bourbon.

“Molson Coors has been on a journey to broaden beyond our beer roots and build powerful brands in growing categories, and Blue Run joining us is an exciting next step as we establish Coors Spirits Co.,” Molson Coors’ Chief Commercial Officer Michelle St. Jacques said. “Blue Run has accomplished in three years what many brands hope to do in a generation and has done it at the luxury end of the whiskey category. Importantly, we are committed to maintaining Blue Run’s well-known quality, design and innovation as we continue to grow our spirits portfolio.”

Currently available in 31 states, Blue Run, with its trademark butterfly medallion on the bottle, can be found at retail and on-premise accounts in every region of the U.S and online. In March 2023, Blue Run announced plans to build a distillery in Kentucky. Those plans will continue as part of the Molson Coors family. In addition, Blue Run has three new whiskies slated for late summer/fall release.

Blue Run’s founders – Mike Montgomery, Tim Sparapani, Jesse McKnight and Andy Brown – will all remain with the brand. Montgomery will take on an expanded role with Molson Coors as its vice president of Coors Spirits Co. Bourbon Hall of Famer Jim Rutledge will continue to serve as Blue Run’s distillery consultant and liquid advisor and recognized, whiskey community rising star Shaylyn Gammon will serve as whiskey curator for Coors Spirits Co. David Coors will continue to lead Molson Coors’ full-strength spirits strategy and business development as executive chair of Coors Spirits Co.

“Since launching Blue Run, we have always strived to do things a little differently to truly embrace today’s younger, more diverse generation of whiskey drinkers,” Montgomery said. “We are humbled by how the whiskey community has embraced our vision and that Molson Coors wants to join and support us in this journey.”

Blue Run was represented by Samos Capital of Southlake, TX in the transaction and is legally represented by Foley and Lardner LLP of Milwaukee and Kaplan, Johnson, Abate and Bird LLP of Louisville, in addition to being supported by Joseph Goode and Cody Matthews of Truist Bank of Charlotte, NC. Molson Coors was legally represented by Quarles and Brady LLP of Milwaukee.

EDITOR NOTE: Media images can be found HERE.

ABOUT MOLSON COORS BEVERAGE COMPANY

For more than two centuries, Molson Coors has brewed beverages that unite people for all life's moments. From Coors Light, Miller Lite, Molson Canadian, Carling, and Staropramen to Coors Banquet, Blue Moon Belgian White, Leinenkugel's Summer Shandy, Vizzy Hard Seltzer, Topo Chico Hard Seltzer, Simply Spiked Lemonade, Creemore Springs and more, Molson Coors produces some of the most beloved and iconic brands ever made. While the company's history is rooted in beer, Molson Coors offers a modern portfolio that expands beyond the beer aisle with energy drinks, bottled spirits, ready-to-drink cocktails, cider and more. To learn more about Molson Coors Beverage Company, visit molsoncoors.com.

ABOUT COORS SPIRITS CO.

Coors Spirits Co. was established in 2023 to house Molson Coors’ growing spirits division as part of the company’s shift from a beer company to a total beverage company. Molson Coors’ entry into spirits began with the 2021 launch of Five Trail Blended American Whiskey, which gained quick accolades that included Double Gold at the 2022 San Francisco World Spirits Competition. In spring 2023, the company added Barmen 1873 Bourbon (a reference to the hometown of Coors Brewing founder Adolph Coors and the year he established the brewery in Golden, Colo.) to its lineup. And in August of 2023, Molson Coors acquired Blue Run Spirits of Georgetown, Ky, a distiller of luxury bourbons and rye whiskies to complement the portfolio. Further innovation is planned for the years to come.

ABOUT BLUE RUN SPIRITS

Georgetown, Kentucky-based Blue Run Spirits is an evolution of the traditional spirits company, creating award-winning bourbon and rye whiskies through time-honored traditions matched with inclusive, forward-looking vision. It all starts with the whiskey itself, carefully crafted by Blue Run Distillery Consultant and Liquid Advisor, Bourbon Hall of Famer Jim Rutledge and Whiskey Director Shaylyn Gammon. That precious liquid is then housed in striking packaging adorned with Blue Run’s signature butterfly medallion, marking the metamorphosis of a centuries-old industry as Blue Run reaches across the bar to welcome today’s younger, broader and more diverse whiskey drinker. Blue Run Spirits was founded in 2020 and was named one of the 50 most innovative companies in America by Bloomberg.

MOLSON COORS’ FORWARD-LOOKING STATEMENTS

This press release includes “forward-looking statements” within the meaning of the U.S. federal securities laws, including statements regarding Molson Coors’ strategy and organizational initiatives and goals. Although Molson Coors believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Actual events or results may differ materially from those contained in the forward-looking statements due to risks, uncertainties and assumptions. These factors include those detailed in Molson Coors’ public filings with the SEC, including its most recent Annual Report on Form 10-K. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Molson Coors does not undertake to update any forward-looking or other statements in this release, except as required by law.

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