case study
General Atlantic
Athletic Brewing
Client accolades
“Davies+Co. is our research partner of choice. The first-person feedback they delivered about Athletic Brewing further dimensionalized our understanding of the market and the company, making our decision-making that much easier.”
– Andrew Crawford, Managing Director and Global Head of Consumer, General Atlantic
The challenge
As demand for non-alcoholic beverages—specifically non-alcoholic beer—grows, private equity firm General Atlantic had been eyeing an investment in Athletic Brewing, the market leader. Before sealing the deal, the firm turned to consumer expert Davies+Co. for a qualitative look into how buyers view Athletic Brewing—and to reinforce the thesis that non-alcoholic beverages are here to stay.
The approach
With a highly engaged panel of non-alcoholic beer enthusiasts—from those who drink both regular and non-alcoholic beer to fully sober socializers—Davies+Co. jumped right in to understand… When and why do consumers reach for non-alcoholic beer—and why Athletic Brewing specifically? What do they love most about the brand? How differentiated is Athletic Brewing against its competitors? In just three weeks, Lisle Davies and her team painted a comprehensive picture of Athletic Brewing and the market to aid General Atlantic’s investment process.
The results
Davies+Co.’s work clearly confirmed the non-alcoholic beer movement is only gaining
momentum and Athletic Brewing’s trajectory is incredibly strong—key conclusions that
ultimately helped catalyze General Atlantic’s decision to invest in the brand.