Scottish brewer Innis & Gunn has received the backing of US investment group L Catterton in a deal which gives the company a value of £58 million.
L Catterton has made a £15 million offer to buy 27.9% of Innis & Gunn as the brewer continues its expansion. The Edinburgh-based company increased its turnover by 22% in 2016 to more than £14.3 million, up from £11.8 million in 2015.
This was the 13th consecutive year of volume growth, and during the last five years volume has increased by 175%.
Innis & Gunn founder Dougal Gunn Sharp will remain the company’s largest single shareholder, and the offer from L Catterton reflects the price paid by the crowdfunding community in November 2016, when it raised £2.4 million.
Expansion in the past two years has seen the successful opening of four Beer Kitchens in Scotland, and the establishment of the brewer’s home for barrel ageing and innovation at the new Innis & Gunn brewery in Perth.
The company aims to reach £25 million in turnover by 2018 as well as treble its beer production over the next 12 months at its Perth brewery.
Speaking of the deal, Dougal Gunn Sharp said: “The craft beer category is booming globally, and this is a hugely exciting opportunity at the right time for us to build strongly on the solid foundations that have been laid to double our 2015 turnover by 2018.
“Innovation and quality have been at the heart of Innis & Gunn’s success since day one, and this continues to drive us forward. Aside from providing additional capital to accelerate our growth plans, we believe L Catterton will strengthen our business with unparalleled expertise in brand building and a deep understanding of global consumer markets, sharing our vision and supporting our continued expansion and growth.”
© FoodBev Media Ltd 2017