Craft M&A Outlook

Dear Client: Some shaken up after Monday's A-B Goose Island announcement. From the trenches, we've heard two opinions: 1. It's a game changer. 2. It's not news: Goose Island "sold out" back in 2006 with its allegiance to A-B-staked Craft Brewers Alliance. We happen to think the all-out buyout is a sign of the changing craft times. This sort of thing could open the floodgates for healthy craft brands that are financially distressed to sell to macros, big private equity,