The Brazilian unit of Anheuser-Busch InBev (AB InBev), Ambev has acquired South America-based craft beer manufacturer Colorado for an undisclosed amount.

Based in Brazil’s Sao Paolo, Colorado exports its beers that are often flavored with coffee, honey or nuts to France and the US, reported Reuters.

According to analysis quoted by Reuters, Colorado that has been operating in Brazil for 18 years, exports its flavoured beers. The company recorded revenue of about £3.9m last year.

The move is a part AB InBev’s attempt at diversifying its portfolio of local brands with an aim of purchasing premium brands to give a push to stagnant beer sales volumes in South American market.

Established in 1999, Ambev was created as a result of the merger between two breweries, Brahma and Antarctica.

Apart from beer, Ambev also specialises in producing soft drinks. It sells its beers to markets including Antarctica, Brahma, Bohemia, Skol, Stella Artois and soft drinks such as Guaraná Antarctica, Soda Antarctica, Sukita in addition to H2OH! and Guarah.

Considered to be the biggest brewery in Latin America and the fifth in the world, Ambev currently operates in countries including Brazil, Canada, Argentina, Bolivia, Chile, Paraguay, Uruguay, Guatemala, Dominican Republic, Cuba, Ecuador, Peru, El Salvador, Nicaragua, Saint Vincent, Dominica and Antigua.

Recently, the company also acquired Colombia’s largest craft brewer, the Bogotá Beer Company. This acquisition followed Ambev’s previous acquisition of Brazilian craft brewer Wäls in February.