One of Toronto’s most popular and oldest craft breweries, Amsterdam Brewery, is being sold to Denmark’s Royal Unibrew in a deal valued at $44 million.

It’s the second major Ontario craft brewery to be sold in the wake of the global COVID-19 pandemic, and owner Jeff Carefoote acknowledged that the last two years haven’t been easy.

“Draft beer was about 40 percent of our volume, and we lost that overnight. We made up most of the revenue by shifting to packaging. It wasn’t easy to do, but we managed to do it,” said Carefoote, who bought the brewery in 2003.

COVID has taken a toll not only on the industry but global suppliers as well. In a press release, Royal Unibrew said it plans to produce some of its own brands at Amsterdam, both for Canada and for export to the key U.S. market.

“We will service the market much better and thereby protect ourselves against out of stock and transport congestion which have increased significantly the last 18 months. Further, we will free up capacity on our current facilities in Denmark,” said Royal Unibrew CEO Lars Jensen.