The agreement gives Tilray ownership of the BrewDog brand and its intellectual property, the UK brewing operations, and 11 brewpubs in the UK and Ireland.
Overseen by Alix Partners, the deal will see 38 bars in the UK close with immediate effect, resulting in 484 redundancies.
The transaction preserved 733 jobs in the UK, where BrewDog employees will follow a TUPE process to become employees of Tilray Brands UK Ltd.
BrewDog bars acquired by Tilray:
England:
o Birmingham
o London - Canary Wharf, Paddington, Seven Dials, Tower Hill, Waterloo
o Manchester - Peter Street
Scotland:
o Ellon - DogTap
o Edinburgh - DogHouse Edinburgh, Edinburgh Lothian Road
Ireland:
o Dublin
No offer was made at any stage of the sales process, from any prospective bidder, that would have preserved BrewDog in its entirety, according to Alix Partners.
There will be no return to any equity holders, including that granted under the Equity for Punks scheme.
Iconic brand
BrewDog’s 18 franchise bars in the UK and internationally continue to operate.
The acquired brewing and related operating assets are expected to generate annual net revenue of $200m and adjusted EBITDA of around $8m, Tilray estimated.
In addition, the group predicted the acquired business would become cash flow positive at the beginning of FY27.
The company further expected its total global beverage platform to grow to $500m in revenue annually following the acquisition.
Tilray, which is based in New York and describes itself as a “global cannabis and wellness leader”, is also in talks to acquire BrewDog assets in the US and Australia.
However, these will be subject to a separate purchase agreement to be negotiated by the parties and is expected to be finalised in the next 30 days.
“BrewDog is one of the most iconic, mission-driven craft beer brands in the UK”, Tilray chief executive Irwin D. Simon said.
Bold innovation
He continued: “It helped redefine modern craft beer through bold innovation, fearless creativity and an unwavering commitment to great beer. What makes BrewDog truly special has always been its brewers, its brewpubs and its passionate community of beer fans.
“As we begin a new chapter for this great brand, our priority is to refocus BrewDog on the craft beer excellence that made it beloved in the first place and strategically invest to return the operations to profitable growth.
“BrewDog’s future is bright, and we are committed to ensuring the brand continues to lead and inspire the global craft beer movement.”
Over the past two years, Tilray has expanded its drinks portfolio in America with craft brewery acquisitions from Molson Coors and Anheuser‑Busch InBev.
Last month, the group also entered an exclusive licensing agreement with Carlsberg.
From early 2027, Tilray will produce and distribute Carlsberg, Carlsberg Elephant, 1664, and 1664 Blanc in the US for a minimum of five years.
