Brewdog (UK and Australian operations)

Acquirer: James Watt (via Second Best)

James Watt, co-founder of Brewdog, has proposed to buy back the craft beer firm’s entire UK and Australian operations from Tilray Brands for £33m, excluding its US arm, through his vehicle Second Best.Summary of transaction details:Value: £33mSector: Consumer GoodsAdvisor: nullKey Entities: Brewdog (UK and Australian operations), James Watt (via Second Best), Tilray BrandsLocation: UK (Ellon, Aberdeenshire and 17 bars) and Australia (Brisbane brewery, Sydney, Perth taprooms)Note: The rationale is Watt’s stated aim to return Brewdog to its 43,000 retail investors and employees after its low-valued sale to Tilray, though Tilray has insisted the business is not for sale.