US pharmaceutical and cannabis company Tilray Brands has acquired craft beer giant BrewDog in a cut-price £33m deal.
The acquisition includes the group’s UK brewing operations and 11 pubs; Tilray is separately negotiating to acquire BrewDog assets in the US and Australia.
The acquired pubs are in Birmingham, London, Aberdeen, Dublin, Edinburgh and Manchester.
“BrewDog is one of the most iconic, mission-driven craft beer brands in the UK; it helped redefine modern craft beer through bold innovation, fearless creativity and an unwavering commitment to great beer,” said Irwin D Simon, chairman and chief executive at Tilray Brands.
“What makes BrewDog truly special has always been its brewers, its brewpubs and its passionate community of beer fans. As we begin a new chapter for this great brand, our priority is to refocus BrewDog on the craft beer excellence that made it beloved in the first place and strategically invest to return the operations to profitable growth. BrewDog’s future is bright, and we are committed to ensuring the brand continues to lead and inspire the global craft beer movement.”
Founded in 2007, BrewDog is one of the largest independent craft beer brands in the UK. Former chief executive and co-founder James Watt was reportedly planning to stump up £10m of his cash to buy back the business but lost out to Tilray in the end.
Earlier this month, the company appointed AlixPartners to oversee the sale of the company following financial difficulties and a series of bar closures.
Last summer, the beer brand announced plans to close 10 of its bars, including its first-ever property, in Aberdeen, and its first London bar, in Camden.
Jefferies acted as financial adviser, and Proskauer Rose acted as external legal counsel to Tilray Brands.
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