BrewDog — Acquisition by Tilray Brands
Globally recognised craft beer brand acquired by Tilray Brands through a pre-packaged administration in Scotland, illustrating how transaction structure, distressed sale dynamics and forward-looking EBITDA guidance need to be considered alongside the headline multiple when comparing business valuations.
Acquirer
Tilray Brands
Year
2026
Purchase Price
£33m (~US$44.1m)
Revenue
~$200m annual net revenue (FY2027, company guidance)
Adjusted EBITDA
~$6m–$8m (FY2027 forecast Adjusted EBITDA)
Purchase Price / Forward Adjusted EBITDA
~5.5×–7.4×
Industry
Brewing & Craft Beer
Transaction
On 2 March 2026, Tilray Brands acquired certain assets of BrewDog's business for £33 million (approximately US$44.1 million) through a pre-packaged administration in Scotland. The acquisition included BrewDog's worldwide brand and intellectual property, the Ellon brewery, the online and retail businesses, and 11 brewpubs across Scotland, England and Ireland. Tilray expects the acquired operations to generate approximately $200 million in annual net revenue and $6 million–$8 million of adjusted EBITDA in fiscal 2027. BrewDog's US and Australian assets were not part of the transaction at closing and were being negotiated separately.
Why the Premium?
- Globally recognised BrewDog brand and IP
- Ellon brewery and production infrastructure
- Established international distribution
- 11 acquired brewpubs
- Brands including Punk IPA, Hazy Jane, Lost Lager, Wingman, Elvis Juice and Dead Pony Club
- Potential integration and operational efficiencies
SME Takeaway
The £33 million price equates to approximately 5.5×–7.4× Tilray's forecast adjusted EBITDA, depending on EBITDA delivery and exchange rates. This multiple is based on company guidance rather than reported historical results. It is not confirmed whether the $6 million–$8 million EBITDA guidance relates solely to the assets acquired at closing or also incorporates the separately negotiated US and Australian assets. The calculated multiple should therefore be treated as indicative rather than a conventional reported transaction multiple. Despite BrewDog's scale and brand recognition, this should not be treated as a conventional SME EV/EBITDA multiple. The price reflects the distressed sale process, the assets and liabilities included, and BrewDog's financial position at the time. The case shows why transaction structure and financial condition need to be considered alongside the headline multiple when comparing business valuations.
Sources
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.