Beyond geography, another pattern may be emerging. The Blue Point, 10 Barrel and Elysian acquisitions have a "Goldilocks" commonality about them: Not too big, not too small, but just right in size.
"My sense is there is a sweet spot between brewers ranked number 40 and 80 on the Brewers Association list, those that are somewhere in the neighborhood of 50,000 barrels," said Brewbound's Furnari. "I think they try and target companies that are looking to make that next step, that probably need to make a capital investment of anywhere from $10-$20 million to double or triple capacity at their breweries."
For Furnari, a key question for Anheuser Busch going forward is how much are they willing to spend on acquiring craft brands.
"It's like buying a used car, you're going to have to put some money into it," he said. "It's not just the amount they have to spend to buy a craft brewery, often times they need to spend even more to improve efficiencies at the brewery or to scale up the brands spending in distribution, marketing and advertising."
However, one thing seems certain: Goliath isn't done wooing David.
"It's only a matter of time before they announce their next acquisition and I'd be surprised if they didn't get another deal done this year," said Furnari.
Steinman echoed similar thoughts, pointing out that the acquisition talks may not be as one-sided as many craft beer loyalists might expect.
"I'm sure Anheuser-Busch will be doing more deals, I don't know how many but I do hear that their ceiling is higher than the handful I had originally assumed," he said. "I think a lot of craft brewers are entertaining discussions at the very least and contemplating transactions in larger numbers than anyone knows about."
For his part, Goeler isn't ruling out the possibility of more acquisitions.
"I don't know where the endgame is," he said. "As is it unfolds and we continue to build it, we'll feel where that point is."