JSE-listed SABMiller is buying London-based modern craft brewer Meantime Brewing Company for an undisclosed amount, giving it an entry point into the fastest-growing segment of the UK beer market.

SABMiller explained in a statement on Friday that beer sales at Meantime grew by 58% in 2014, outpacing the UK beer market’s 1% growth during the same period, making it one of the top-performing modern craft breweries in the UK.

The world’s second largest brewing company expected to complete the acquisition in early June, after which Meantime would be incorporated into SABMiller Europe’s accounts.

The acquisition involved Meantime’s retail sites, including the Tasting Rooms and the brewery shop in Greenwich, the Greenwich Union pub, pop-up Beerbox pub, and the Brewery Fresh tank beer concept, which was now in 26 pubs across London, complementing SABMiller’s Pilsner Urquell unpasteurised tank beer in a further four London pubs. Following the transaction, Meantime would open a pilot brewery which would become a centre for SABMiller’s European innovation and new product development.

Meantime, described as a pioneer in British modern craft beer, was expected to complement SABMillers’ imported super-premium lagers such as Peroni Nastro Azzurro and Pilsner Urquell.

Under Meantime CEO Nick Miller, SABMiller planned to grow sales of Meantime’s beers nationally and explore export opportunities in its European markets.

SABMiller Europe MD Sue Clark said Meantime had been at the forefront of the modern craft beer movement in the UK and brewed an outstanding range of beers across various styles.

“At SABMiller we love local variety, and carefully nurture our 200 local and heritage beers,” she highlighted, adding that Meantime had an excellent reputation for brewing consistently high-quality beers and for industry-leading innovation.

“This expertise will boost our strategy to develop beers that appeal to more people, including women, and which can be attractive alternatives to wine and spirits,” Clark advised.

Miller said SABMiller saw the opportunity and believed in the longevity of modern craft beer in the UK.

“SABMiller shares our passion for putting great beer first and making, selling and marketing it responsibly to beer aficionados worldwide. The team at SABMiller have stressed how important our culture is to our success to date, and have a strong record in retaining the special identities and heritage of the local businesses they’ve bought in the past.

“We are all excited about the opportunity to continue growing Meantime. We are also thrilled and flattered that SABMiller has given us a remit to innovate. This is a massive compliment and acknowledges our position as pioneers in modern craft beer,” Miller commented.

Meantime was established by Brew Master Alastair Hook in 1999 with a brewery in Greenwich. The business had since created a successful range of British and international beer styles.

Among the company’s award-winning lagers and ales were its leading brand London Pale Ale, London Lager, Yakima Red, Pilsner, India Pale Ale and London Porter. London Pale Ale and London Lager together accounted for around 70% of total volumes.