Anchor Union Withdraws from Bidding on Anchor Beer

January 31, 2024 – Anchor Union SF, the labor union and ILWU affiliate that had been staging a longshot bid to purchase the brand assets for the recently-shuttered Anchor Brewing Company, has withdrawn from the process, according to a post to backers this morning.

Patrick Machel, who had been spearheading the effort, said that competing offers were higher than the union would be able to bid, which left the group few options for success. He said that they have reached out to other bidders in hopes of partnering with them on the effort.

“We have been working diligently to create relationships with other bidders,” the statement read, “to discuss how our experience running the brewery, combined with all of the business planning and relationship building we have done over the past 6 months can be valuable to them if they are the successful bidder.”

Members of the union, which was formed in 2018, began discussing the potential of purchasing the Anchor IP as a co-op when current owner Sapporo announced it would be shuttering the brand in July of last year. Since launching the fundraising effort on WeFunder, Anchor Union SF has earned over $480,000 in pledges from supporters.

Machel says that supporters may withdraw their pledges if they wish, though the organization will still be engaging with other bidders to consider a co-ownership agreement. If those efforts fall short, the funds will be returned.

Other stated bidders include an investor group led by venture capitalist Mike Walsh, which includes former Anchor owners Fritz Maytag and Tony Foglio as advisors. Sapporo has said they expect to announce a winning bidder in the coming weeks.