Rumor Mill: Australian Firm Buys Alamo Beer / Denver’s Ratio Beerworks Grows In Off Year

American Craft Beer|December 26th, 2025|

A view from a metal truss bridge of the Alamo Beer Company building in San Antonio at sunset, with the city skyline in the background.

(Courtesy Alamo Beer Co.)

While 2025 has been a challenging year for many craft brewers, Denver’s Ratio Beerworks is ending things on an encouraging note… We’ve that, “Words to Drink By” and more.

Australian Firm Buys Alamo Beer

Just before Christmas, Alamo Beer Co. got a new lease on life.

On December 23, Brisbane-based SKJ Capital announced it had acquired the San Antonio brewery for an undisclosed sum. The deal came after SKJ Capital submitted the winning bid for Alamo Beer Co. following the brewery’s Chapter 11 bankruptcy filing earlier this year, in February 2025.

Under the new ownership, Alamo will keep brewing at its current location, with SKJ Capital stepping in to provide strategic guidance. The goal, according to the firm, is to stabilize the business and put it back on a growth track—something that hasn’t been easy for several San Antonio-area breweries facing soft sales and increased competition.

Founded in 2022, SKJ Capital is a family-owned private equity firm with a portfolio of more than 25 companies across Australia, spanning hospitality, manufacturing, business services, and childcare. Alamo Beer marks the firm’s first acquisition in the United States.

As part of the transition, SKJ Capital has named Jason Pond as Alamo Beer Co.’s new CEO. Pond brings nearly 20 years of experience in consumer packaged goods, manufacturing, and supply chain operations, with past roles at Firestone Walker Brewing Company, BrewDog, and Rogue Ales & Spirits.

“Alamo Beer Company has a rich history backed by a strong community here in San Antonio,” Pond said in a statement. “I’m excited to bring new life to the brand while positioning the company for future expansion.”

SKJ Capital also says changes are coming to the brewery itself. Plans include renovations aimed at modernizing brewing operations and giving the taproom a refresh—moves intended to strengthen Alamo’s capabilities and reintroduce the brand to the local market with renewed energy.

Words to Drink By

“In this world nothing can be said to be certain, except death and taxes” -Benjamin Franklin, one of the Founding Fathers of the United State, a statesman, diplomat, scientist, inventor and writer

A can and a glass of Ratio Beerworks "Cityscapes" Mexican-Style Lager sit on a wooden bar top

(Courtesy Ratio Beerworks)

Ratio Beerworks Grows In Off Year

While 2025 has been a challenging year for many craft breweries, Denver’s Ratio Beerworks is ending the year on a high note. The brewery posted its strongest performance to date, with overall growth up 13%. Draft beer sales climbed 9%, while packaged beer jumped an impressive 25%, fueled in large part by Ratio’s first full year of statewide distribution in Colorado.

Founded in 2015, Ratio has long been more than just a brewery. With taprooms in Denver’s RiNo and Overland neighborhoods, it has become a gathering place for the city’s arts and culture community, regularly hosting music and art events. The brewery also donates 3% of its annual beer production to nonprofit organizations throughout Colorado.

Much of Ratio’s 2025 growth has been driven by its most approachable beers. Cityscapes Mexican-style Lager (4.8% ABV) continues to anchor the lineup, alongside Sparks Fly Juicy IPA and the brewery’s award-winning — and happily unconventional — King of Carrot Flowers, a carrot and elderflower saison that has become a taproom favorite.

“Trends in beer are heading both directions,” said co-founder Jason zumBrunnen. “Clean, classic styles like pilsners are a huge driver of growth for us, and we’re gearing up to release our popular No Shade Pilsner this winter as a year-round beer in cans for the first time. On the other end, full-flavored and nuanced styles like our King of Carrot Flowers carrot and elderflower saison are growing, too.”

True to its roots in Denver’s punk and independent music scene, Ratio continues to blur the line between beer and culture.

Through its Ratio Sessions series, the brewery partners with independent venues and touring musicians to host intimate concerts in its taprooms, complete with live performances, meet-and-greets, and one-off beer releases — a reminder that even in an off year for the craft beer industry, creativity and connection can still drive growth.