Page 33 - BrewDog Case Study

Investors in the 2015 BrewDog Bond were given the

opportunity to rollover their investment from the 2015 bond
into this bond. That meant the loan balance that they would

have been repaid on redemption would instead be invested

in this round and would appear on the website pitch

progress bar

This bar was continually updated. Any investment rolled

over in this way would be subject to the same terms and
conditions as any new bond investment in this round.

U.S. Private equity house, TSG Consumer Partners acquired

a 22.3% stake in BrewDog the company for approximately

£213 million in April. BrewDog was valued at £1bn.

BrewDog co-founder, and chairman Watt was reputed to

have sold nearly a third of his shares to TSG for over £50m.

BrewDog confirmed to its investors that their shares were

now worth £13.18 each.

The 1,300 Investors who bought, in 2010, one £230 share in

the first EFP crowdfunding round were now holding a total
shareholding worth £6,590, representing a rise in value of

2,765 per cent in seven years. (22)

However, even though the overall value of the initial holding

had risen a single share had by late 2017 had become 500.

This was because when BrewDog launched its EFP II in 2011

one existing share divided into ten before every share then

split into five as part of EFP IV in 2016. Every share held in