Tilray Brands acquired the BrewDog brand, its Ellon brewery and 11 bars on 2 March for £33m through a pre-packaged administration of the Scottish craft brewer.
Why Tilray Brands, Inc. is buying BrewDog (selected assets)
Tilray said BrewDog gives it scaled brewing capacity outside the US, international distribution and a brewpub network, and that its global beverage business would grow to about US$500m of annual revenue. It plans to refocus BrewDog on craft beer and invest to return it to profitable growth.
“BrewDog is one of the most iconic, mission-driven craft beer brands in the UK.”
Deal terms and financing
Tilray UK paid £33m, about US$44.1m, under a business and asset sale agreement that closed the same day. Substantially all liabilities of the BrewDog group arising before closing were not assumed. Tilray said it was separately negotiating to acquire BrewDog assets in the US and Australia.
Regulatory approvals and timing
The sale was completed on signing as part of a pre-packaged administration in Scotland under the Insolvency Act 1986.
Market context
BrewDog was founded in 2007 and sold brands including Punk IPA, Hazy Jane, Lost Lager and Wingman. Restaurant Online noted the price was far below the US$2bn valuation placed on the company at its peak, and that 38 UK bars closed with immediate effect.
