Less than one month after announcing plans to purchase Smuttynose Brewing Company from Provident Bank, New Hampshire’s Runnymede Investments has finalized its deal for the struggling Portsmouth-area craft brewery and launched a 90-day plan aimed at helping it return to growth.
Despite initially reaching a verbal agreement to sell Smuttynose Brewing to a New Hampshire entrepreneur, Provident Bank has found another buyer for the distressed craft brewery. Runnymede Investments, a North Hampton-based venture capital and investment firm, has agreed to purchase the struggling brewery and restaurant for an undisclosed sum. The deal for Smuttynose comes exactly one week after the Portsmouth-area beer company was sold at a public auction to Provident Bank, its lead lender, for $8.25 million.
In this week’s edition of Last Call: Plans for Three Floyds’ brewery expansion are revealed; Pretty Things founders resurface in England; Hanson Spirits acquires Carneros Brewing’s production facility and taproom; Deschutes and Bluejacket announce can packaging releases; and more.
In this week’s edition of Last Call: Constellation Brands-owned Ballast Point announces plans to consolidate its operations in Miramar; Epic Brewing recalls a batch of beer; A-B releases its Bud Light “Dilly Dilly” ad; and more.
New Hampshire’s Smuttynose Brewing, citing overleveraging of investments and missed growth projections amidst increased competition from fellow craft brewers, is scheduled to be sold March 9 at a bank auction.
Seaboard Craft Beer Holdings, the parent company of Tampa Bay’s Big Storm Brewing Co., has acquired the assets of Cape Coral Brewing Co., a Florida brewery that shuttered in October after two years in business.
Texas-based contract brewery Guns & Oil Beer has reached an agreement to take over the former Payette Brewing Co. production facility located about two miles outside of Boise, in Garden City, Idaho. In a conversation with Brewbound, Guns & Oil founder Cary Prewitt said he’s taken out bank loans to finance the $1 million project, including acquiring Payette’s 15-barrel brewhouse. He added that he’s signed a five-year lease on the 11,000 sq. ft. property.
North Carolina-based Thirsty Monk Brewery & Pub announced plans Thursday to open satellite breweries and taprooms in two prominent craft beer markets: Denver, Colorado, and Portland, Oregon.
Sebago Brewing Co. (SBC), announced today the sale of its 13,000-square-foot installed brewery in Gorham to Portland-based Lone Pine Brewing Company.
In this week’s edition of Last Call: ZX Ventures acquires Australian craft brewery 4 Pines; the TTB launches another pay-to-play investigation; Amazon expands alcoholic beverage delivery; and more news from the week.
Green Flash Brewing Co. announced plans today to open a third brewery — this time in the Midwest. The San Diego-headquartered company has acquired a 10,000 sq. ft., 10,000-barrel production facility with a tasting room and restaurant in Lincoln, Nebraska.
Constellation Brands has acquired fast-growing Florida-based craft beer producer Funky Buddha and, in the process, formed a new “High End Craft and Specialty” business group specifically tasked with overseeing the company’s present and future craft brewery purchases. Financial terms of the deal, which closed yesterday, were not disclosed. The structure is similar to Constellation’s 2015 purchase of San Diego’s Ballast Point Brewing, which was worth $1 billion, Brewbound understands. A sale price was not disclosed, but the all-cash deal is for 100 percent of the company, according to KC Sentz, who co-founded the brewery with his brother Ryan Sentz.
A group led by New Belgium Brewing Company today announced it would acquire San Francisco-based Magnolia Brewing Company as part of a bankruptcy proceeding.
Constellation Brands today announced the acquisition of Florida-based Funky Buddha Brewery. Terms of the deal were not disclosed.