Tilray Brands announced that it has completed the acquisition of select assets from craft beer company BrewDog for £33 million, expanding its international beverage platform and strengthening its presence in the global craft beer market.
The transaction includes BrewDog’s global brand and intellectual property, its brewing operations in the United Kingdom, and a portfolio of 11 brewpubs across the United Kingdom and Ireland. These locations include Birmingham, Canary Wharf, Dogtap Ellon, Dublin, Edinburgh DogHouse, Lothian Road, Manchester, Paddington, Seven Dials, Tower Hill and Waterloo.
Founded in 2007, BrewDog developed into one of the largest independent craft beer brands in the United Kingdom with products such as Punk IPA, Hazy Jane, Lost Lager and Wingman. The company expanded globally through international breweries, brewpubs and partnerships that helped establish strong brand recognition across multiple markets.
Tilray said the acquisition will support its strategy to grow a diversified beverage portfolio spanning craft beer, spirits, energy drinks, water and emerging beverage categories. By integrating BrewDog’s brewing capacity, international distribution network and hospitality footprint, Tilray aims to accelerate entry into new global markets and expand its beverage business outside the United States.
The acquired brewing and hospitality assets are expected to generate approximately $200 million in annual net revenue and between $6 million and $8 million in adjusted EBITDA. Tilray said the business is projected to become cash flow positive beginning in fiscal 2027 as integration efforts and operational efficiencies are implemented.
Following the acquisition, Tilray expects its global beverage platform to reach approximately $500 million in annual revenue, while the company’s overall diversified business is projected to achieve roughly $1.2 billion in annualized revenue.
Tilray also said it is separately negotiating to acquire additional BrewDog assets in the United States and Australia, which would be subject to a separate purchase agreement expected to close after negotiations are finalized.
Support: Jefferies served as financial advisor to Tilray on the transaction, and Proskauer Rose acted as external legal counsel.
KEY QUOTES:
“BrewDog is one of the most iconic, mission-driven craft beer brands in the UK. It helped redefine modern craft beer through bold innovation, fearless creativity and an unwavering commitment to great beer. What makes BrewDog truly special has always been its brewers, its brewpubs and its passionate community of beer fans. 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. BrewDog’s future is bright, and we are committed to ensuring the brand continues to lead and inspire the global craft beer movement.”
“Tilray’s management brings operational and strategic expertise, a diversified global beverage infrastructure and a disciplined investment approach needed to unlock BrewDog’s next phase of growth. In addition, my team and I have significant experience in the UK market where we previously built an ~ $1.5 billion consumer packaged goods business at my prior company with beloved brands, including Ella’s Kitchen, Hartleys, Tilda, New Covent Garden and Linda McCartney. With the BrewDog acquisition, our total global beverage platform is expected to grow to ~$500 million in annual revenue, creating one of the largest diversified craft beverage platforms globally. 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. On a combined basis, we expect Tilray’s diversified global business to reach ~$1.2 billion in annualized revenue.”
Irwin D. Simon, Chairman and Chief Executive Officer, Tilray Brands
