MillerCoors' craft and import division, Tenth and Blake Beer Company, has signed an agreement to acquire a majority interest in Athens, Georgia-based Terrapin Beer Company.

Financial details of the transaction have not been disclosed. The transaction is expected to close in August this year.

Terrapin Beer Company co-founder and vice-president of brewing development Brian Buckowski said: "Bringing Tenth and Blake on years ago allowed us to get to know each other better and realise the incredible potential of becoming a majority-owned partner with Tenth and Blake and MillerCoors.

"We look forward to continuing to create innovative beers to share with beer lovers nationwide."

"With Tenth and Blake's dedication to helping us grow and their passion for creating high-quality craft beers, we knew it would be the perfect partnership. We look forward to continuing to create innovative beers to share with beer lovers nationwide."

In early 2012, Tenth and Blake had purchased a minority interest in Terrapin, which was founded in 2002 by Buckowski and John Cochran.

The 84,000f² brewery in Athens, with its 100-barrel brew house, creates year-round and seasonal beers, including Hopsecutioner, HI-5, RecreationAle, and Rye Pale Ale.

Terrapin Beer Company will operate as a business unit of Tenth and Blake, and its management and team will continue to create, brew, package, ship, and sell Terrapin’s brand.

Tenth and Blake president and CEO Scott Whitley said: "The team at Terrapin is so passionate and committed to brewing such terrific beers that we are thrilled to welcome them deeper into the Tenth and Blake family.

"As owners, our job is to work collaboratively with their team to support their continued success with their innovative, award-winning beers that complement our portfolio perfectly."