Independent Scottish craft beer brewer BrewDog has sold a 22.3 percent stake to U.S. private equity firm TSG Consumer Partners to fund its global expansion plans, including the launch of a series of brewery hotels.
The $264 million investment takes the 10-year-old company’s value to $1 billion, and pre-empts intentions to take the firm public, co-founder James Watt told CNBC.
Just under half of the funds – $124 million – will be channelled into new breweries, which are mapped out for the U.S., Asia and Australia, and two brewery hotels, boasting craft beer taps in each bedroom and beer-infused dining.
As well as expanding the business into new markets, the remaining $140 million funding from San Francisco-based TSG will be used to buy shares from existing investors, including Watts and fellow co-founder Martin Dickie.
Since launching its first funding round in 2010, shares have soared 2,765 percent. In the past year, shares have jumped 177 percent, however, Watt remains optimistic that shareholders will want to remain part of the Aberdeenshire business’s growth strategy.
“Most investors I’ve spoken to are not looking to sell, but they are happy to have the option to realise those gains,” Watt told CNBC over the phone Monday, two days after the sale was announced to shareholders. The deal had gained 95 percent approval from shareholders.
