The Provident Bank Is The Winning Bidder of Smuttynose Brewing Company
Operations will continue as NH’s bestselling producer of craft beer was bought by the lead lending bank
Smuttynose Brewing Company, New Hampshire’s top craft brewery and producer of one of New England’s most popular craft beer brands, was sold at a foreclosure auction and bought by The Provident Bank for 8.25 million dollars.
The Provident Bank President Chuck Withee says it’s business as usual at Smuttynose and he urged employees and customers to continue to enjoy Smuttynose beer. Says Withee, “We are entertaining offers right now from prospective buyers. This process allows us to get the strongest deal in place to move Smuttynose Brewing Company forward in a positive direction.”
Founded in 1994, the company employs 66 people and generates more than 10 million dollars in revenue a year. There were 8 qualified bidders who participate in the auction. Says Withee, “The Provident Bank knows full well what a strong brand Smuttynose is and we feel certain the right investor will come along and continue to grow and strengthen the brand.”
Smuttynose Brewing Company founders Peter Egelston and Joanne Francis said, “We are looking forward to working with The Provident Bank to keep brewing our award winning beers. For 24 years we had the privilege of creating and running a company that employs a devoted group of people and produces amazing craft beer. Looks like we are going to continue doing that for awhile longer!”
The sale includes the Smuttynose brand, its new, state-of-the-art, LEED – Gold certified facility on the historic Towle Farm in Hampton, and Hayseed Restaurant located next to the brewery on the picturesque 13-acre campus. The brewery is among the largest in New England, capable of producing 75,000 barrels a year.
Said Francis, “We won’t deny it – these last months have been exceptionally emotional. But the outpouring of support and encouragement from all of our incredible staff, community, and friends, has kept our hearts full and our purpose clear. We are excited that Provident Bank is committed to a very bright future for Smuttynose.”
Lead lender The Provident Bank managed the auction process, with James R. St. Jean out of Epping, New Hampshire as auctioneer and Delta Capital of Simsbury, Connecticut, as financial advisors.
Egelston and Francis also owns The Portsmouth Brewery, a popular brewpub located in downtown Portsmouth. It is not part of the sale.
Other news from the department business & finance
Get the food & beverage industry in your inbox
From now on, don't miss a thing: Our newsletter for the food & beverage sector brings you up to date every Tuesday and Thursday. The latest industry news, product highlights and innovations - compact and easy to understand in your inbox. Researched by us so you don't have to.
