Future Proof Brands, the parent company of BeatBox, is letting go of 158 employees following the announcement of Anheuser-Busch acquiring a majority stake in the popular party punch brand.
The layoffs will affect employees at the company’s headquarters in Austin, Texas and are scheduled to take place between Feb. 21 and March 7 as per a WARN notice filed with the state.
A spokesperson for BeatBox has not responded to Food Dive’s request for comment at this time.
BeatBox recently agreed to sell an 85% majority stake to Anheuser-Busch for $490 million, with the deal expected to close in the first quarter. Anheuser-Busch also has the option to purchase the remaining portion after five years.
Since its appearance on “Shark Tank” in 2014, BeatBox has seen significant growth, driven by Generation Z’s interest in ready-to-drink beverages with bold flavors and high alcohol content.
Anheuser-Busch’s acquisition of BeatBox helps diversify its portfolio as consumer demand shifts towards beverage offerings beyond beer. The company’s portfolio already includes Cutwater Spirits, Nütrl Vodka Seltzer, and Phorm Energy.
In addition to BeatBox, Future Proof Brands was behind the now-discontinued Brizzy hard seltzer. Last October, the company introduced a new line of RTD cocktails called Chillitas, targeting second-generation Latinos.
BeatBox’s parent company joins other beverage giants like Coca-Cola, Molson Coors, and Heineken in announcing corporate layoffs amidst industry restructuring.