Sharp's was founded in 1994 and is based in Rock in Cornwall. Doom Bar is its most successful brand and Sharp's claims it is the number one cask brand in the South-west and Wales, and the fastest-growing cask brand in London.
Commenting on the deal, Molson Coors (UK & Ireland) chief executive Mark Hunter, said: "The Doom Bar brand is modern and progressive. It has a loyal following and excellent reputation amongst consumers and customers alike and has the potential to become a truly extraordinary brand. We have a wealth of experience with this type of venture and an excellent track record of building brands across all markets. We respect and want to preserve the unique culture of Sharp's Brewery and the special appeal of their brands to beer drinkers."
Nick Baker, managing director of Sharp's Brewery, said: "We have worked exceptionally well with Molson Coors for many years and they have played an important part in the growth of Sharp's Brewery. We recognised that they have the capabilities, comprehensive routes to market and the culture to build on and accelerate the progress the business is making, which is why we are delighted to have done this deal."
"It was, and is, important to us to know how Molson Coors will manage Sharp's and their plan to invest in developing the brewery at Rock and the Doom Bar brand is spot on. We are excited to watch Sharp's Brewery achieve even more under their stewardship," he added.
Stuart Howe, head brewer at Sharp's Brewery, said: "We are delighted to be joining the Molson Coors team, all of whom are passionate about Sharp's Brewery and committed to the Doom Bar brand. We are incredibly proud to be voted the best regional cask beer by our customers, with the support of Molson Coors we're looking forward to being recognised as the best cask beer in the country."
Molson Coors has bought the brewery at a time when there are 8.6m cask beer drinkers in the UK and cask beer represents 15.2% of on trade beer volume - its highest share of on-trade beer for over a decade.
It is the second acquisition the company has made of cask ale brewers in recent months, having bought William Worthington's Brewery in December 2010.
The company has also recently taken on Cobra, Singha, Corona and Blue Moon.
<span class="Á"noindexÁ"">By Neil Gerrard
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