USA, NH: Smuttynose Brewing Co sold at an auction for $8.25 mln
The struggling New Hampshire microbrewery Smuttynose sold for $8.25 million on Friday, March 9, NBC10 Boston reported.
Provident Bank purchased the brewery at an auction at Smuttynose Brewing Co.'s Hampton facility on March 9, according to Seacoastonline. It wasn't immediately clear what this means for the brewery's future.
Following the auction, Provident Bank said it is in talks with seven potential buyers. A Smuttynose spokeswoman said the brewery will continue operating while the bank negotiates a sale.
The sale includes the Smuttynose beer brand, its facility and a restaurant. Bidders had to present $250,000 to register for the auction.
Smuttynose employs 68 people. The company says the brewery is capable of producing 75,000 barrels and generating more than $10 million annually. However, in the last year it has been running at 50 percent capacity.
Owner Peter Egelston says the company's financial models were based on 20 years of consistent growth. He says as the marketplace stabilizes, Smuttynose can regain its footing with a major infusion of capital.
E-malt.com, the global information source for the brewing and malting industry professionals. The bi-weekly E-malt.com Newsletters feature latest industry news, statistics in graphs and tables, world barley and malt prices, and other relevant information. Click here to get full access to E-malt.com. If you are a Castle Malting client, you can get free access to E-malt.com website and publications. Contact us for more information at firstname.lastname@example.org .