Brewdog (UK and Australian operations)

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: £33m
• Sector: Consumer Goods
• Advisor: null
• Key Entities: Brewdog (UK and Australian operations), James Watt (via Second Best), Tilray Brands
• Location: 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.