Financial difficulties led to Smuttynose Brewing Company putting itself up for auction, and on March 9th, control of the brewery was assumed by Provident Bank for $8.25M. And on March 16th — just a week later — Smuttynose has a new owner: Runnymede Investments LLC has reached an agreement to acquire the New Hampshire-based brewery from Provident Bank. Terms were undisclosed.
“All of us here are Smuttynose are eager to turn the page and start our next chapter. We are pleased to know that we’ll be working with investors from within our own community, people who are familiar with our brand and appreciate what we’ve built here,” Peter Egelston, President and founder of Smuttynose told the brewery staff.
Indeed, Runnymede Investments is located only five miles from the Smuttynose Brewery in North Hampton. The family-owned investment firm specializes in real estate, private equity, and venture capital.
It was also announced that longtime industry veteran, Richard Lindsay, would lead the team as CEO. Lindsay has held positions with Samuel Adams, Tuthilltown Spirits, Night Shift Brewing, and consulting roles with startups in the alcoholic beverage industry.
“I’m very happy to be leading this team and building upon the Smuttynose brand’s legacy,” Lindsay said. “Our immediate priorities are focused on growth. We’re making plans to add personnel to our sales team and provide them with resources to make them effective in this competitive market. We also plan to make an investment in a canning line that will allow us to participate in a growing segment of the craft beer market.”
To the relief of many, this transition will not disrupt the operations of the Smuttynose brewery or its Hayseed Restaurant.
Read more about from the press release available on the Smuttynose website.
Other Breweries Struggling
Hopefully, this is the happy ending for Smuttynose. But so many other breweries have been struggling during this industry-wide downturn.