Colorado’s craft brewers are closely watching a report that New Belgium Brewing Co., the maker of Fat Tire, is looking at the possibility of a sale.

The Fort Collins company, the fourth-largest craft brewer in the country, has hired investment adviser Lazard Middle Market to explore a potential sale valued at $1 billion or more, Reuters reported Friday, citing people familiar with the matter.

In an e-mailed statement, Kim Jordan, chair of the company’s board of directors and former CEO, said, “New Belgium Brewing’s board of directors has an obligation to have ongoing dialogue with capital markets with the goal of making sure that we remain strong leaders in the craft brewing industry. There is no deal pending at this time.”

For an independent brewer, a sale offers easier access to capital and a wider distribution network, not to mention a payoff for years of hard work, said Bart Watson, chief economist of the Boulder-based Brewers Association.

Watson said that without more concrete details, it can’t be ruled out that New Belgium might be looking at another strategy short of a sale to protect its independence — say, raising money in stock or debt offering.

“It is hard to know what their motivation is,” Watson said.

Beer sales in the U.S. are flat, and craft brewers have grabbed about 11 percent of the total market. To preserve their market share and appeal to younger consumers, larger corporate players have been buying more-successful independents at a steep premium.

On Friday, Anheuser-Busch said its specialty beer subsidiary The High End had acquired Four Peaks in Tempe, Ariz., marking its sixth acquisition of a craft brewer. Other High End acquisitions include Elysian Brewing Co., Blue Point Brewing Co., 10 Barrel Brewing, Golden Road Brewing and Goose Island Beer Co.

Watson said it is unlikely federal anti-trust regulators would let Anheuser-Busch acquire New Belgium, which has a 0.5 percent marketshare.

Going under a large corporate umbrella would conflict with what appeals to many who drink craft beer — the independence of the brand.

If more than 25 percent of New Belgium Brewing is acquired by one of the mega-brewers, it would lose its designation as a craft brewer, Watson said. Also at risk would be its credibility with the large base of fans who helped it reach 1 million barrels a year in production.

New Belgium has taken several steps to protect its independence, including giving employees full ownership of the company and taking on a B-Corp structure that would allow it to focus on things beyond just the bottom line.

“We can say with confidence that New Belgium Brewing is not owned or even controlled in any way by a larger company. Our shares of New Belgium are 100 percent privately held by our current co-workers that work every day laboring to make the best beer in the world,” the company touts on its website.

How a reversal of that stance would sit with its most loyal customers remains to be seen. If the social media reaction to the Four Weeks acquisition is any guide, it might not be pleasant.

“Four Peaks has joined the dark side. It is a sad day,” offered one comment on Twitter.

Jordan, who founded New Belgium Brewing with then-husband Jeff Lebesch in 1991, announced in August she would step down as CEO to focus on the New Belgium Family Foundation.

Christine Perich, a 15-year company veteran who had helped craft the upgraded employee stock ownership plan and directed the opening of a brewery in Asheville, N.C., replaced Jordan as CEO.

Aldo Svaldi: 303-954-1410, asvaldi@denverpost.com or @aldosvaldi