Smuttynose Brewing Company has been in business for 24 years, but as the craft beer industry has exploded, its competition has gained more than just a foothold. And it’s because of a crowded marketplace, that Smuttynose has decided to put itself up for sale.
Changes in the Marketplace
Located in Hampton, New Hampshire, Smuttynose has faced stiff competition in recent years. There are now 19 breweries in its vicinity and 70 breweries altogether in New Hampshire. They’ve been able to find success following changes to a state law in 2011 that removed financial hurdles for nano breweries.
Smuttynose has the capacity to brew 75,000 barrels of beer annually. Although it has been operating at half its capacity recently. The brewery currently employs 68 people and annually generates $10 million in revenue.
The owner of Smuttynose, Peter Egelston, is hopeful that a cash infusion will stabilize the business. The sale will include its brand, the brewery located at historic Towle Farm, and the Hayseed restaurant adjacent to the brewery.
The bank auction will take place 2 PM on March 9 at 105 Towle Farm Road in Hampton. The terms of the auction include a $250,000 deposit and the closing is expected to take place within 55 days.
The governor of New Hampshire, Chris Sununu, said in a statement “They have been a strong and reliable community partner throughout the years, and I hope the new owners, once determined, will appreciate their hardworking employee base by committing to keeping these manufacturing jobs in New Hampshire.”
Smuttynose Brewing is recognized for crafting tremendous beers for over two decades. Here’s hoping that tradition continues.