Smuttynose in the News

For immediate release
March 16, 2018
Media contact: Barbara MacLeod
(207) 752-0484

Runnymede Investments LLC Acquires Smuttynose Brewing Company From The Provident Bank
North Hampton, New Hampshire Based Investors Promise a Bright Future for NH’s Bestselling Craft Brewer

Hampton, New Hampshire – The Provident Bank, which purchased Smuttynose Brewing Company at a foreclosure auction on March 9, has sold the company to North Hampton-based Runnymede Investments for an undisclosed amount. Says The Provident Bank President Chuck Withee, “The Provident Bank is impressed with the Runnymede team on so many levels.  They are passionate business leaders and great all-around people, who are part of our Seacoast community. Runnymede has teamed up with a very professional brewery executive, Rich Lindsay, who knows Smuttynose founder Peter Egelston and the team very well and there is deep, mutual respect. Runnymede Investments has the resources to take this popular brand to new heights. Smuttynose fans and employees should rest assured that this local treasure will not only survive, but will thrive in the coming months and years ahead.” Withee added, “Make Mine A Smutty!” referencing the popular tagline. The Provident Bank was the lead lender and was the high bidder at the auction with a bid of 8.25 million dollars.

Chris Broom Jr. of Runnymede Investments expressed enthusiasm for having the opportunity to invest in New Hampshire’s largest craft brewery. “Peter and Joanne have assembled a great team and an impressive production facility. We’re taking a long view and plan on making immediate investments to strengthen the brand and return to growth. We’re also pleased to be adding Richard Lindsay as Chief Executive Officer to the team. Rich is a seasoned industry veteran having held executive roles with Samuel Adams, Tuthilltown Spirits, Night Shift Brewing as well as consulting roles with numerous startups in the alcoholic beverage industry.”

“I’m very happy to be leading this team and building upon the Smuttynose brand’s legacy,” commented Mr. Lindsay. “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.”

Egelston and Lindsay will be working closely to ensure a smooth transition and to shape the next generation of sales and marketing for the brewery.

Founded in 1994, Smuttynose Brewing Company, employs 66 people and generates more than 10 million dollars in annual revenue. It is the Granite State’s leading craft brewery and produces some of New England’s most popular craft beers. The sale includes the Smuttynose brand, its 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.

Peter Egelston, President and founder of Smuttynose shared the news with the brewery’s staff. “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.”

Egelston’s partner, Joanne Francis, is relieved that the future is no longer in limbo, saying, “A company like Smuttynose doesn’t just pop up overnight. Our culture and reputation for quality are the result of decades of work, devotion and creativity. We’ve built a strong foundation with a lot of untapped potential, but circumstances over the last couple of years have held us back. With a strong partner who understands that potential, there’s no limit to what we can now accomplish. We can’t wait to roll up our sleeves and get started!”

There has been no disruption in the transition. The brewery and Hayseed Restaurant continue to operate, as well as all planned events on site. They welcome visitors and patrons.

Runnymede Investments is a family owned and operated investment firm headquartered five miles from the Smuttynose Brewery in North Hampton. Runnymede specializes in real estate, private equity, and venture capital.

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For Immediate Release
March 9, 2018
Media contact: Barbara MacLeod
(207) 752-0484

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 

Hampton, NH – 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.

For more information visit www.smuttynose.com

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Downloadable zip file of images for publication here >> Smuttynose Brewing Co

AUCTION SITE INFO LINK

SBC AUCTION BROCHURE


A personal note from Peter & Joanne:

Dear Friends,
Over the coming weeks you are likely to hear a good deal about our company’s financial challenges, but rather than let strangers tell our story, we’d like to speak with you directly.

Change and transition is natural in any business, and craft beer is no different. We’ve seen more changes in our industry in the last few years than in the previous three decades. We are writing today to tell you about a major transition at Smuttynose.

For more than 24 years, it has been our privilege and joy to live in the world of craft beer. We’ve had the great honor of working with many dedicated, outstanding people who have been instrumental in transforming Smuttynose Brewing Company from a mere idea with a funny name to one of New England’s best known and highly regarded breweries.  But despite the fun, the romance and the friendships, we’ve always understood that brewing and selling beer is a business, with hard edges and occasional difficulties.

As any entrepreneur will tell you, building a successful business entails taking risks and making a strong personal commitment. In the mid-nineties, during the first great shakeout in craft beer, we kept our company afloat by digging deep into our own pockets, confident that the market would turn. And it did, ushering in nearly two decades of uninterrupted growth for craft beer in general and Smuttynose in particular. These days, the beer industry is undergoing another period of sweeping change. At this time, in order for our company to continue on the path we embarked on back in 1994, Smuttynose needs someone who can provide financial resources that will move the company forward.

We are proud of what we’ve built at Smuttynose and Hayseed Restaurant. We’re proud of our beers and the people who stand behind them. But most of all we’re proud of the relationships we’ve formed along the way and the opportunities we’ve had to engage with the community we love. We are so grateful for the support and encouragement we’ve gotten from friends and fans, from our wholesalers and retailer partners, and from beer lovers everywhere.

We’re strongly committed to making sure this transition is as smooth as possible, and to help the company’s new owner or partner embark on a successful next chapter for Smuttynose and its wonderful staff. We want to emphasize Smuttynose Brewing company is open, brewing our fine beers daily and serving delicious food at Hayseed Restaurant. Many of you have asked how you can help…keep drinking Smuttynose brews and send your rich aunt or uncle our way!

With gratitude,
Joanne and Peter

 

 

 

 


For Immediate Release
January 18, 2017

Media contact: Barbara MacLeod
Barbara@CrossCurrentCommunications.com
(207) 752-0484

Smuttynose Brewing Company Seeks Buyer As Bank Auction Approaches
NH’s largest and bestselling producer of craft beer needs a new owner or partner

Hampton, NH – Smuttynose Brewing Company, New Hampshire’s top craft brewery and producer of one of New England’s most popular craft beer brands, is seeking an immediate buyer. The company is scheduled to be sold at bank auction March 9, 2018. Founded in 1994, the company employees 68 people and generates more than 10 million dollars in revenue a year.

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. However, in the last year it has been running at 50% capacity.

Smuttynose Brewing Company Owner Peter Egelston says, “The company’s financial models were based on 20 years of consistent growth but the explosion of microbreweries has led to changing dynamics in the marketplace. This dramatic shift occurred just as Smuttynose committed to a major infrastructure investment with the construction of the new production facility. As the turmoil in the marketplace stabilizes, Smuttynose, a trusted brand with strong consumer loyalty, can regain its footing with a major infusion of capital.”

Egelston recently held a staff meeting in which he informed employees of the impending auction: “I reminded them that the company’s most valuable assets are the Smuttynose brand and the people behind it. With the arrival of a new

owner, we anticipate a smooth transition as we are committed to continuity.” Egelston stressed that the company is open and will conduct business as usual.

“Smuttynose’s strength lies in their dedicated and engaged employees” said New Hampshire Governor Chris Sununu. “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.”

Lead lender Provident Bank is managing the auction process, with James R. St. Jean out of Epping, New Hampshire as auctioneer and Delta Capital of Simsbury, Connecticut, as financial advisors. For details about the March auction visit www.jsjauctions.com

Says Provident Bank President Chuck Withee, “Smuttynose Brewing Company has been a valued customer and an important part of our community. Provident Bank is committed to working with the company during these challenging financial times to produce the best outcome for everyone involved.”

Egelston, along with partner Joanne Francis, is also owner of the Portsmouth Brewery, a popular brewpub located in downtown Portsmouth and not part of the sale.

Peter Egelston got his start in craft beer in 1987 as head brewer and co-owner of the Northampton Brewery in Massachusetts, which his sister now solely owns. He founded the Portsmouth Brewery in 1991 and Smuttynose Brewing Company in 1994. Egelston is a philanthropic and environmental leader having served on the Advisory Boards of the NH Charitable Foundation and The Currier Museum of Art. He was recognized with the Humanitarian of the Year Award from the National Share our Strength organization and received the NH Business Review Excellence in Manufacturing Award.

Smuttynose Brewing Company is a community-minded company that has supported dozens of nonprofit organizations in NH for over 23 years. For more information visit www.smuttynose.com

“Smuttynose has a well-earned reputation as one of America’s best all around breweries.”
-All About Beer Magazine

“One of the 50 best craft breweries in the country.”
-The Daily Meal

“New Hampshire’s Smuttynose Brewing Company, a national treasure for beer
nerds.”
-New York Magazine

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Downloadable zip file of images for publication here >> Smuttynose Brewing Co

 


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