"The family is still involved to this day," Rieth said. "That's what I want. That's what I was looking for. I want the Atwater brand around for decades and I'm not going anywhere."

Molson Coors' Tenth and Blake also own AC Golden Brewing Co. in Golden, Colo.; Hop Valley Brewing in Eugene, Ore.; Revolver Brewing in Granbury, Texas; San Archer Brewing Co. in San Diego; and Terrapin Brewing Co. in Athens, Ga.

Paul Verdu, vice president of Tenth and Blake, said Atwater fits in the company's portfolio of regional brewers with strong brands.

"We like brands that are healthy and strong and growing," Verdu said. "We are looking forward to applying what's worked for us in the past — investing in the brand and supporting the brand. The brand is core to hooking up with Atwater. It's the brand, the packaging, the way they talk about their company. We have no big plans to change what's working thus far."

Verdu said Atwater's entry into the hard seltzer market over the summer was an added bonus.

"When we were getting serious (about acquiring Atwater), that didn't exist yet," Verdu said. "It's a nice addition to the portfolio as we are looking at how our craft brands can approach the growing seltzer market."

Tenth and Blake brands' volumes grew more than 16 percent in 2019. The overall U.S. craft market production volume grew at about 4 percent last year, according to data from the Brewers Association.

Atwater was founded in in 1997 and later acquired by Rieth in 2005. Rieth's initial plans were to expand Atwater to be a national player in the beer scene, but has been stymied by slowing growth across the industry. Rieth abandoned plans to expand distribution and brewing operations to several states including North Carolina and Texas a few years ago, instead focusing on regional efforts to improve margins.

"We pulled out of some markets because there's so much competition," Rieth told Crain's in October. "We regrouped locally. Ultimately, we're more profitable: in fewer states, but selling more product."

Rieth said the company has no plans to expand taprooms, but future discussions with Tenth and Blake will be around tapping into Molson Coors' much larger distribution network.

"This is definitely a move to catapult us to the next level," Rieth said.