Brewing company

Keurig Dr Pepper invests in non-alcoholic beer leader Athletic Brewing Company

Investment to support Athletic Brewing’s continued growth through North America

BURLINGTON, Mass. and Frisco, Texas, November 9, 2022 /PRNewswire/ — Keurig Dr Pepper Inc. (NASDAQ: KDP) today announced a minority stake in Athletic Brewing Company, America’s leading maker of alcohol-free craft beers. The transaction represents KDP’s latest move into the burgeoning beverage categories, following its acquisition of non-alcoholic ready-to-drink cocktail brand Atypique.

The $50 million KDP’s investment provides the Company with an equity stake in Athletic Brewing that is comparable to that of other lead investors, namely TRB Advisors and Alliance Consumer Growth. KDP will sit on the company’s board of directors. Other terms of the agreement were not disclosed.

Athletic Brewing was founded in 2017 by Bill Shufelt and John Walker and is one of America’s top 20 craft brewers, according to Nielsen. In 2022, Athletic Brewing was ranked the 26th fastest growing private company in America by Inc. Magazine and was also named to Time Magazine’s “100 Most Influential Companies” list.

Non-alcoholic beer in the United States has grown nearly 20% in retail dollars over the past year1, with the craft segment, where Athletic Brewing has a 55% market share, far outpacing total category growth. Athletic Brewing offers a range of over 40 beers.

Non-alcoholic beer accounts for over 85% of total sales1 in the fast-growing non-alcoholic beer, wine and spirits category as more consumers moderate their alcohol consumption.

“Athletic Brewing is a winning brand in a rapidly growing beverage segment. Our investment reflects our interest and ability to move into exciting white spaces, including the blurring of alcoholic and non-alcoholic categories,” said Keurig Executive Chairman Dr Pepper. Bob Gambort. “We look forward to partnering with the Athletic Brewing team to help them scale the business.”

“We are delighted to welcome Keurig Dr Pepper as an investor and strategic partner,” said Shufelt. “Their team brings tremendous expertise and truly embraces our mission to brew great tasting non-alcoholic beers that are suitable for all weathers. This investment will allow Athletic Brewing to further accelerate our growth through North America.”

1NielsenIQ Scan Off Premise Channels; last end of 52 weeks 08/20/2022

KDP Contacts

Steve Alexander (Investors)
Such. : 972-673-6769 / [email protected]

Chethan Mallela (Investors)
Such. : 646-620-8761 / [email protected]

Katie Gilroy (Media)
Such. : 781-418-3345 / [email protected]

Contacts Athletic Brewery

Chris Furnari
[email protected]

About Keurig Dr Pepper

Keurig Dr Pepper (KDP) is a leading beverage company. North Americawith an annual turnover approaching $13 billion and approximately 27,000 employees. KDP holds leading positions in soft drinks, specialty coffee and tea, water, juice and juice drinks, and mixers, and markets the single-serve coffee brewing system no. 1 in the United States and Canada. The Company’s portfolio of more than 125 owned, licensed and partner brands is designed to meet virtually any consumer need, anytime, and includes Keurig®, Dr Pepper®, Green Mountain Coffee Roasters®, Canada Dry®, Snapple®, Bai®, Mott’s®, CORE® and The Original Donut Shop®. Thanks to its powerful sales and distribution network, KDP can deliver its portfolio of hot and cold beverages to almost all consumer outlets. The Company is committed to sourcing, producing and distributing its beverages responsibly through its Drink Well. Do good. corporate responsibility platform, including efforts around circular packaging, efficient use of natural resources and supply chain sustainability. For more information, visit

About Athletic Brewing Company

Athletic Brewing, founded in 2017 by Bill Shufelt and John Walker, is America’s leading non-alcoholic craft beer producer. In 2022, Athletic was ranked the 26th fastest growing private company in America by Inc. Magazine and named to TIME’s “100 Most Influential Companies” list. Athletic was also selected as one of Ad Age’s Top 20 Hottest Brands of 2022 and was on Fast Company’s “Brands That Matter” list of 2021. The company has won more than five dozen awards from prestigious brewing, including Gold and Silver for its Run Wild and Free Wave IPAs at the 2022 US Open of Beer Championships. Athletic has custom breweries on the East and West Coasts, and its “Two for the Trails” initiative “donates 2% of all sales to the cleaning and maintenance of trails and parks. Additionally, as part of its IMPACT program, 1% of revenue is donated to nonprofit organizations that support positive impact and opportunity from the start. Since 2022, Athletic Brewing has been proudly Certified B Corporation™. Its flavorful non-alcoholic beers and hop-infused sparkling waters are available for purchase at


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SOURCEKeurig Dr Pepper Inc.