Smuttynose Brewing Company, one of New England’s most popular craft beer brands, is seeking an immediate buyer.
The New Hampshire-based brewery announced on their website they are scheduled to be sold at bank auction March 9.
The brewery is capable of producing 75,000 barrels of beer a year but company officials say in the last year it has been running at 50 percent capacity.
U.S. & World
"The company’s financial models were based on 20 years of consistent growth but the explosion of microbreweries has led to changing dynamics in the marketplace," read a statement from Smuttynose Brewing Company Owner Peter Egelston. "This dramatic shift occurred just as Smuttynose committed to a major infrastructure investment with the construction of the new production facility. As the turmoil in the marketplace stabilizes, Smuttynose, a trusted brand with strong consumer loyalty, can regain its footing with a major infusion of capital."
Founded in 1994, the company employs 68 people and generates more than $10 million in revenue a year.
The sale includes the Smuttynose brand, its new state-of-the-art LEED-Gold Certified facility on Towle Farm in Hampton, and Hayseed Restaurant located next to the brewery.
Egelston said he informed employees of the impending auction during a recent staff meeting.
"I reminded them that the company’s most valuable assets are the Smuttynose brand and the people behind it. With the arrival of a new owner, we anticipate a smooth transition as we are committed to continuity," Egelston said.
Egelston, along with partner Joanne Francis, is also owner of the Portsmouth Brewery in downtown Portsmouth which is not part of the sale.
James R. St. Jean of Epping is serving as auctioneer for the auction. Details can be found on their website.