Page 47 - BrewDog Case Study
P. 47
2017
Diagram 17: Source BrewDog Website (14)
Private equity firm, San Francisco based TSG Consumer
Partners, which also owns US brewer Pabst, acquired a
22.3% stake in the company for approximately £213 million
in April. BrewDog was valued at £1bn.
TSG invested £100m in the BrewDog business and also
spent £113m buying shares from existing investors.
It was thought that Watt and Dickie had made about £100m
between them on the sale.
Some 95% of shareholders had in March approved changes
to BrewDog’s capital structure which included the award of
preference shares to TSG, which confer the right to an
annual return of 18% if the company is bought or lists on
the stock market.
