North London based Camden Town Brewery has been sold to AB InBev in deal worth £85m. The deal sees Camden Town Brewery become a wholly-owned subsidiary of AB InBev.

The company said in a statement: “The ‘craft’ brewing movement has seen incredible growth driven by innovation, quality and daring. Camden Town Brewery has been at the forefront of this revolution.

“The success and reputation we have built has been nothing short of incredible. That has been thanks to all of you and the great beers we’ve brewed.

“To stay at the forefront of this movement and secure our future success, we have to build a bigger brewery, employ more people and gain access to an international distribution network.

“We can’t do this on our own. That’s why I’m proud to say I’ve signed a deal with AB InBev.

“This partnership is going to help us deliver our plans to grow. With AB InBev’s support we will expand our operations, create more jobs in London and continue to brew our great beer and get it to more drinkers.”

Founder Jasper Cuppaidge explained: “Our growth has been phenomenal. To keep up with the demand for our distinctive beers we’ve had to look at expanding our brewing capacity and team.

“AB InBev is going to be our strategic partner, helping us maintain the character and quality of our beers, while giving us access to the investment we need to drive Camden to being ever more successful at home and abroad.

“Opportunities like this come rarely. We believe we must have the ambition to grab this opportunity and turn Camden Town Brewery, and the quality it stands for, from being an outstanding London brewer to being a world famous one.”

Iain Newell, European Director of Specialities & Craft, AB InBev, said the company will complement its existing portfolio.

“We will support their ambitious plans for the future, using our expertise and global distribution network to help them get their great beer to more people.”