UK: BrewDog sold to Tilray in £33million deal

Tilray Brands has completed the acquisition of certain assets of BrewDog's global platform, including the global brand and related intellectual property, the UK brewing operations and eleven strategic brewpubs in the United Kingdom and Ireland, for a total consideration of £33 million. Tilray is separately negotiating to acquire certain BrewDog assets in the United States and Australia.

Irwin D. Simon, Chairman and Chief Executive Officer, Tilray Brands, stated, "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. 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."

Mr. Simon continued, "Tilray's management brings operational and strategic expertise, a diversified global beverage infrastructure and a disciplined investment approach needed to unlock BrewDog's next phase of growth. In addition, my team and I have significant experience in the UK market where we previously built an ~ $1.5 billion consumer packaged goods business at my prior company with beloved brands, including Ella's Kitchen, Hartleys, Tilda, New Covent Garden and Linda McCartney. With the BrewDog acquisition, our total global beverage platform is expected to grow to ~$500 million in annual revenue, creating one of the largest diversified craft beverage platforms globally. Through this expanded platform, we see significant growth opportunity for BrewDog through broader distribution and the ability to invest back into brand and innovation, while introducing Tilray's complementary beverage brands into international markets. On a combined basis, we expect Tilray's diversified global business to reach ~$1.2 billion in annualized revenue."

Under the terms of the transaction, Tilray paid £33 million in exchange for BrewDog's worldwide intellectual property, UK brewing operations and a portfolio of eleven premier and profitable brewpubs.