Tilray to buy BrewDog’s US assets
USA | Tilray Brands, the brewer of Shock Top and a host of craft beers, will buy some of BrewDog’s American assets. The announcement (16 March) came just two weeks after the company acquired BrewDog’s brewing operations in Australia and the United Kingdom. Under the deal, whose financial terms were not disclosed, Tilray will take on BrewDog’s brewery, bar, and hotel in Columbus, as well as the bars in New Albany and Cleveland – all in Ohio – plus the bar in Las Vegas.
Tilray said the Ohio acquisition aligns with its strategy to acquire and scale strong local craft beer brands in their core home markets. The transaction is expected to close later this year, pending regulatory approvals.
A few days previously, Tilray’s CEO, Irwin Simon, told the UK trade magazine, The Grocer, that BrewDog had no money left to pay its staff when Tilray rescued it from collapse. It was in such dire financial straits that it had next to no funds.
BrewDog, which was once estimated to be worth up to USD 2 billion, was sold to US cannabis and drinks firm Tilray for just USD 44 million earlier this month. As part of the purchase, a total of 38 UK bars were closed, with nearly 500 staff members losing their job. Mr Simon admitted that he had previously looked at buying BrewDog, but earlier valuations of the firm were simply too expensive.
