Kona Brewing Co. in Hawaii is slated to return to independent ownership under a revised stock sale of its mainland parent.

Craft Brew Alliance, the Portland, Ore.-based parent of Kona Brewing, announced on Wednesday plans to sell the Hawaii operations of Kona Brewing to a former beer company president in partnership with a Kansas City, Kan.-based investment firm.

The arrangement revises a deal announced in November under which beer industry giant Anheuser- Busch was to buy all the shares in Craft Brew that it didn’t already own, or about 69% of the company, in a deal valued at about $223 million.

Under the original plan, Anheuser-Busch would have acquired total ownership of Kona Brewing, including canned and bottled beer production on the mainland along with two restaurants and a kegged beer brewery in Hawaii, where Kona Brewing was founded. A new brewery under construction in Hawaii to produce more beer including canned varieties also was part of the original deal.

Now all the Hawaii assets are to be bought by a partnership between David Peacock, a former Anheuser- Busch president, and investment firm VantEdge Partners.

The partnership, PV Brewing, has agreed to pay $16 million for the Hawaii assets.

No changes are expected to Kona Brewing operations in Hawaii, which employ about 220 people.

Work is continuing on the 100,000-barrel brewery being built on Hawaii island to replace the company’s existing 14,000-barrel brewery in Kailua-Kona — a $20 million project that began five years ago and has been beset by delays.

Billy Smith, Kona Brewing’s Hawaii general manager, said the local operations will still coordinate with Craft Brew under Anheuser-Busch ownership to maintain consistency and branding, but also will gain some independence.

“It is a bit of a homecoming for us,” he said. “The team here is just super excited.”

Andy Thomas, Craft Brew CEO, said in a statement that the company found a “strong” buyer for the Hawaii operations as it works to complete the larger deal.

VantEdge Partners owns 260 quick-serve restaurants, including Taco Bell, Dunkin’ and Jamba Juice. The firm also has investments in the Kansas City Royals baseball team, a professional soccer club in Rome, an aerospace parts manufacturing firm and a high-end home construction business.

Peacock said in a statement that the top priority of PV Brewing is supporting Kona Brewing’s success and future in Hawaii.

“We are energized by this unique opportunity and are proud to support the continued growth of Kona in Hawaii with a new state-of-the-art brewery,” he said.

Kona Brewing was founded in 1994 on Hawaii island.

Company founders Cameron Healy and Spoon Khalsa sold the business to Craft Brew in 2010 in an $18 million deal, and Kona Brewing grew into the biggest brand for Craft Brew, which produces other beer brands that include Redhook, Widmer Brothers, Omission and Appalachian Mountain.

Craft Brew makes all Kona Brewing canned and bottled beers at breweries on the mainland.

Anheuser-Busch, the maker of Budweiser, owns a collection of over a dozen craft brewery brands, including 10 Barrel, Elysian, Four Peaks, Golden Road and Goose Island.

Anheuser-Busch also brews and distributes Craft Brew beverages under contract.

Anheuser-Busch and Craft Brew said the deal with PV Brewing was made for the Hawaii operations of Kona Brewing to alleviate potential regulatory concerns and expedite the regulatory review process.

Specific potential regulatory concerns were not disclosed.

The companies said the two-part sale is expected to be completed by the end of the year.