Fuller's Beer Business — Acquisition by Asahi Europe
Fuller, Smith & Turner's entire beer business, including the Griffin Brewery, London Pride, Cornish Orchards, Dark Star Brewing and Nectar Imports, acquired by Asahi Europe, illustrating how established brands, production assets and strategic buyer synergies can produce an acquisition value substantially above typical SME brewery benchmarks.
This transaction involved a business above the $1m–$50m SME revenue benchmark. It is included for industry context and is not a direct SME comparison.
Acquirer
Asahi Europe
Year
2019
Enterprise Value
£250m
Revenue
Not disclosed
Adjusted EBITDA
£10.6m
EBITDA Multiple
23.6×
Industry
Brewing & Craft Beer
Transaction
In 2019, Fuller, Smith & Turner sold its entire beer business to Asahi Europe for an enterprise value of £250 million. The transaction included the Griffin Brewery, Cornish Orchards, Dark Star Brewing and Nectar Imports, together with beer brands including London Pride. The beer business generated EBITDA of £10.6 million for the 52 weeks ended 31 March 2018, implying an acquisition multiple of 23.6× EBITDA. Fuller's stated that the price reflected the strategic value and long-term growth potential of its brands, the value of the Griffin Brewery and the expertise within the business. For Asahi, the acquisition provided an established portfolio of premium British beer brands alongside brewing and distribution capabilities, with greater potential to develop the brands internationally.
Why the Premium?
- Established brands including London Pride
- Griffin Brewery and production infrastructure
- Existing distribution capabilities
- Cornish Orchards and Dark Star Brewing
- Potential for international brand expansion
- Strategic value to a global brewing group
SME Takeaway
At 23.6× EBITDA, the transaction sits far above the typical range for an independent brewing business. It demonstrates how established brands, intellectual property, production assets and strategic buyer synergies can produce acquisition values substantially above normal SME benchmarks. This transaction is a strategic outlier and is not representative of a typical SME brewery transaction.
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.