Modern Times Beer has been weathering an economic storm brought on by rapid expansion that ran into a craft beer slowdown and a global pandemic.
On February 14 the brewery announced that it would be closing a number of its locations citing the pandemic and the “global declines in the craft beer industry,” and that they were doing what they can to stay afloat.
But their lender (in this case a bank) indicated that it would be auctioning off the once high flying company and last week it did.
On June 17 the auction for San Diego’s Modern Times Beer Co. concluded with an affiliate of Anaheim’s Brewery X casting the “winning bid” at $20 million, according to a press release shared by Modern Times.
There was an intense back and forth between two interesting breweries in the auction’s final stages which led to that $20 million endgame…
Wilmington, NC.-based TRU Colors was created of George Taylor, who, upset by gang violence in the city, sought to create a solution hand-in-hand with local gang leaders. And he founded a brewery in 2019 that hires active gang members, giving them economic opportunities and, in turn, leveraging their influence inside gangs to reduce violence.
And Sandiegoville is reporting that Brewery X, which made the winning bid, originated from a project of University of Southern California’s Master of Science in Entrepreneurship and Innovation program.
That final bid was more than twice “stalking horse” bid made by Maui Brewing.
‘This was a full and fair auction, focused on the highest and best bid, a short close and no unexpected regulatory hurdles,” the company wrote in the release.
“The final bid was wonderful, and it is a testament to the work of the Modern Times Beer employees and the work they have done over the past months in a very constrained business,” commented Modern Times Beer CEO Jennifer Briggs.
“And, of course, the work they’ve done to create the Modern Times Beer brand over the past years. I am looking forward to working with the company confirmed on Monday to make a successful transition.”
“I realize our fans and distribution partners are waiting for specific communication and we are going to honor the process and wait until next week for final details.
“Regardless of any specific companies, it has been quite the experience to work through since late last year.”
And, I’ve been honored to meet so many interesting people who are committed to the art of brewing beer and coffee. Craft brewing is a wonderful community. I am grateful to the professional advisors who helped us through this process.”
(Image credits: Modern Times Beer / Brewery X)