Iconic West Australian ale house Little Creatures – born only 12 years ago with the dream of a creating the perfect pale ale - has backed a foreign takeover offer that valued the company at more than $380 million today.

Perth-based Little World Beverages, the owner of Little Creatures, said Japanese-owned suitor Lion had agreed to preserve the brand as "distinct and individual" and keep the popular Fremantle tourist destination, the Little Creatures Brewery, alive.

Little Creatures went from a modest Fremantle boutique brewery to a $380 million powerhouse.

LWB also owns the fledgling White Rabbit brewery in Healesville, Victoria and recently purchased a Geelong site with a view to establishing a third brewing and packing facility.

The company, which was dreamed up by three beer enthusiasts in 1997 floated on the Australian Stock Market in 2005. Last year the WA Cinderella story reported revenue of $70 million and net profits of $9.2 million.