1st BATCH OF FILES AVAILABLE NOW!

Didn't take long for BrewDog's sale process to find a suitor. And go figure, Tilray Brands, the cannabis co that's also been the most acquisitive company in US craftland over the last ~6 yrs, typically for deals on the cheap, emerged as the buyer for most of BrewDog's biz, co officially announced. It's paying just &pound;33 mil ($44.5 mil USD) for BrewDog IP, UK brewing ops and 11 strategic brewpubs in the UK and Ireland, while separately negotiating for US and Australia ops too. But US and Australia assets are reportedly worth a lot less, as Tilray was expected to pay just &pound;40 mil ($53.6 mil USD) for IP, UK assets, plus US and Australia, according to ShareCast, citing report from Sky News. Announcement comes on the heels of news that Tilray partnered with Carlsberg to market its brand in US. BrewDog revs in 2025 8-9X expected total sale price but co lost over &pound;100 mil on bottom line over the last 3 yrs. Tilray's bid was seemingly enuf to outdo UK beer and cider co C&C Group, Danish co Royal Unibrew, and BrewDog co-founder James Watt, who still owns a piece of the company, among others suitors, article notes. BrewDog closed all of its bars today, ostensibly in preparation for a sale announcement, per BBC. Most of its 60 UK pubs are not included in the deal, and their future remains uncertain at presstime.Tilray's Beer/Bev Biz Doubles w/ Carlsberg & BrewDog; BrewDog to Add ~$200 Mil in Annual Sales Move nearly doubles the size of Tilray's craft beer/bev biz unit, which declined 9% to $227.4 mil for a running 12 mos thru Nov 2025, including 21% drop in latest qtr (see Jan 9 issue). BrewDog is expected to generate ~$200 mil in annual net revs and ~$6-8 mil of "adjusted EBITDA" in fiscal 2027 (beginning Jun 2026), seemingly before even factoring in US and Australia. It will immediately become Tilray's largest brand in its complex array of craft beer brands, albeit with a very different footprint primarily in UK. Between BrewDog's IP, UK assets and Carlsberg's US brand rights, Tilray's bev division will more than double to ~$500 mil annually, co figures, making it "one of the largest diversified craft beverage platforms globally." It'll have spent around that to acquire its total beer/bev portfolio, including $300 mil for SweetWater, $35-53 mil for Montauk, $83 mil for AB craft brands, $23 mil for MC craft brands, $5 mil for Green Flash/Alpine, and $44+ mil on BrewDog. Total Tilray will reach annualized revs of $1.2 bil once BrewDog deal's complete. So alc bevs will be around 40% of Tilray's biz.Fills Midwest Gap in US&hellip;At a Cost? In the US, where Tilray has built its beer biz, BrewDog brand would fit nicely in its portfolio, filling a gap for Tilray as local presence in the Midwest. But it's yet another brand in decline, and yet another brewing facility with too much excess capacity, with another set of distribs that aren't fully aligned. Should the US part of the deal happen, add it to the list of Tilray's sizable facilities in OR, GA, CO and NY, and various other beer brand fams across SweetWater, Montauk, Green Flash, Alpine, Shock Top, 10 Barrel, Widmer, Redhook, Breckenridge, Blue Point, Hop Valley, Terrapin, Revolver, Atwater, Runner's High, and Carlsberg (in US).Focused on Returning to "Profitable Growth," Sez Irwin; International Oppys for Other Tilray Bevs "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," stated Tilray ceo Irwin Simon. "BrewDog's future is bright, and we are committed to ensuring the brand continues to lead and inspire the global craft beer movement," he went on. Irwin also referenced his "significant experience in the UK market" thru prior co Hain Celestial. "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."Kicking the Can UP the Road Again Once again, Tilray's on the verge of goosing its bev alc biz thru acquisition just as it began to cycle acquisition of MC craft portfolio in Sep 2024. Incremental ~800K cases/yr from Carlsberg portfolio, and much bigger pop from BrewDog puts it back in the black and then some, at least temporarily for the next yr or so. But virtually every acquired brand Tilray has is declining year-over-year, apples-to-apples. How many more brewers can Tilray collect?

Tilray Buying Most of BrewDog UK & IP for £33 Mil; In Negotiations for US & Australia; Reportedly Outbid C&C, Royal Unibrew and James Watt

Publishing Info

Tilray Buying Most of BrewDog UK & IP for &pound;33 Mil; In Negotiations for US & Australia; Reportedly Outbid C&C, Royal Unibrew and James Watt

Publishing Info

Tilray Buying Most of BrewDog UK & IP for £33 Mil; In Negotiations for US & Australia; Reportedly Outbid C&C, Royal Unibrew and James Watt