BrewDog announced an investment deal with TSG Consumer Partners including a £100m investment into the business, ramping up the company's current five-year execution plan and providing 'some' liquidity to early investors.
At the end of it, TSG will own ~22% of BrewDog, with early investors and large shareholders cashing out [with the total consideration near £213m, valuing BrewDog at almost **£1billon.**
Equity Punks will be able to sell up to 15% of their shares (or a maximum of 40 shares) or alternatively take a six-pack as a special one-off 'toast' to the deal.
However, from our side, it does appear that our suspicions regarding the cash-hungry BrewDog and the Bond issue late last year could be correct but this cash infusion will surely steady the ship.
Either way, we are happy the deal does not give TSG control but concede that the guaranteed returns of 18% p.a. agreed to at this high valuation level are going to be a tough feat to achieve before equity punks see additional upside.
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That image is just a test of my cms backend :)