Dutch beer baron Heineken has bought the remaining 51% stake in Tottenham-based craft beer brewer Beavertown for an undisclosed sum.
The deal completes Heineken’s complete takeover of the company following a 49% minority acquisition for £40mln in 2018.
Founded in 2011 by Logan Plant, son of Led Zeppelin singer Robert Plant, Beavertown’s stellar rise over the years saw hoppy beers Neck Oil, Gamma Ray and Lupuloid become favourites among Britain’s bearded craft beer scene.
Beavertown even opened a microbrewery and taproom inside Hotspur Stadium in 2019, the first such venture for a major football stadium, and took over the historic Corner Pin pub in partnership with the club in 2021.
Beavertown’s immediate parent company is TP & Munch.
Plant, who is the ultimate controlling party, is expected to bring on home a handsome sum from the sale.
The last sale of this magnitude for a craft beer purveyor was in 2015, when Camden Town Brewery agreed to be taken over by Belgian drinks multinational AB Inbev for £85mln.
Heinekin bought out another craft beer favourite, Brixton Brewery, in February 2021.
The deal comes at a difficult time for the food and drinks sector, with soaring utilities prices having a significant impact on operating expenses, although customer drinking trends have seen no significant change.
In Beavertown’s latest accounts statement filed on March 31 with Companies House, the company posted £3.2mln in losses.
Cash in hand as of March 31 was £11.2mln and £18.7mln in liabilities due within 12 months was logged on the balance sheet.