Monster Beverage is buying Cigar City Brewing's parent company, CANarchy Craft Brewing Collective, for $330 million.
The CEO of Monster, Hilton Schlosberg, released a written statement about the deal. In it, he said, "This transaction provides us with a springboard from which to enter the alcoholic beverage sector."
"We are excited to build and expand upon CANarchy’s existing brands with innovative new products," he said.
In a press release about the purchase on the Monster Energy website, the company says CANarchy will function independently, retaining its own organizational structure and team, led by Tony Short, CANarchy’s CEO.
From its start, Cigar City has been a hometown favorite, and will likely stay that way, but with more financial backing.
Christianna Ing, who tends bar at Carmine’s in Ybor City, says anything brewed by Cigar City is popular with patrons.
"If I mention it, people usually pick it," she told FOX 13. "It is one of the most recommended beers, especially if someone is looking for an IPA."
In 2016, Cigar City was sold for an estimated $60 million to Oskar Blues, which later became CANarchy.
The new Monster deal is expected to be signed, sealed and delivered within the next few months.
Cigar City's corporate office declined to comment Friday on the sale.