After months of rumors and much speculation the UK-based Beavertown Brewery has confirmed that it has sold a minority stake of its business to Heineken.
The latest addition to Heineken’s growing portfolio craft beer properties that currently holds big names like California’s Lagunitas, Michigan-based Short’s Brewing and London’s Brixton Brewery, Beavertown’s decision to throw in with the world’s second largest brewer was clearly driven by their need to raise funds to pay for the new brewery they are planning to build.
According to the Drinks Business, the 40 million pounds ($52.44 million) that Beavertown will receive as part of this deal will help make Beaverworld, a 450,000 hectoliter facility in London that will increase its brewing capacity tenfold, a reality.
Heineken confirmed that it was taking a minority stake in Beavertown, but not surprisingly declined to provide further financial details. It said the 40 million pounds was the cost of the brewery.
“We love what they’re doing and are excited to be able to help them do more,” Heineken said in a statement. “Our minority investment means they can make their dream of Beaverworld a reality.”
One of the brightest stars of London’s exciting brewing scene Beavertown has been struggling of late to keep up with their own success…
Having already outgrown their Tottenham Hale location and with Beaverworld still in its planning stages, the brewery recently announced that they’d begun brewing two of their flagship beers, Gamma Ray and Neck Oil at the Brouwerij De Brabandere in Belgium.
On top of that, Beavertown recently cemented a deal to become the “official craft beer supplier” for the Premier League’s Tottenham Hotspur soccer team and that they’ll be opening a new brewery and taproom in their new $1.1Billion stadium, 61,500-seat stadium.
Beavertown is describing their relationship with Heineken as an “arm’s length minority deal only” and Logan Plant along with his wife Bridget is a majority owner remains on as its CEO and visionary ftontman as well.
All image credits: Beavertown