Tilray Brands Inc., New York, and London, completed the acquisition of certain highly strategic assets of BrewDog’s global platform, including the global brand and related intellectual property, the U.K. brewing operations and 11 strategic brewpubs in the United Kingdom and Ireland, for a total consideration of £33 million. Tilray is separately negotiating to acquire certain BrewDog assets in the United States and Australia.

Founded in 2007, BrewDog quickly became one of the largest independent craft beer brands in the United Kingdom with its portfolio of iconic craft, premium and low- and no-alcohol beer brands, including Punk IPA, Hazy Jane, Lost Lager and Wingman, it notes. For Tilray, the acquired asset portfolio presents an opportunity for growth in the United Kingdom and previously untapped international markets, the company says.

“BrewDog is one of the most iconic, mission-driven craft beer brands in the U.K.,” said Irwin D. Simon, chairman and CEO of Tilray Brands, in a statement. “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,” Simon continues. “BrewDog’s future is bright, and we are committed to ensuring the brand continues to lead and inspire the global craft beer movement. Tilray’s management brings operational and strategic expertise, a diversified global beverage infrastructure and a disciplined investment approach needed to unlock BrewDog’s next phase of growth. In addition, my team and I have significant experience in the U.K. market where we previously built a $1.5 billion consumer packaged goods business at my prior company with beloved brands, including Ella’s Kitchen, Hartleys, Tilda, New Covent Garden and Linda McCartney.”  

Simon added that with the BrewDog acquisition, Tilray’s total global beverage platform is expected to grow to $500 million in annual revenue, creating one of the largest diversified craft beverage platforms globally. 

“Through this expanded platform, we see significant growth opportunity for BrewDog through broader distribution and the ability to invest back into brand and innovation, while introducing Tilray’s complementary beverage brands into international markets,” Simon stated. “On a combined basis, we expect Tilray’s diversified global business to reach $1.2 billion in annualized revenue.”

Tilray has built a diversified beverage portfolio spanning craft beer, spirits, energy drinks, water and emerging categories. Expanding Tilray’s established U.S. beverage brands into international markets is a strategic priority and a natural next phase of growth, it notes. The addition of BrewDog accelerates the company’s ability to enter new markets by providing scaled brewing capacity outside the U.S., an established international distribution network and a premier brewpub and hospitality infrastructure in the United Kingdom and select international markets, it says.

Under the terms of the transaction, Tilray paid £33 million in exchange for BrewDog’s worldwide intellectual property, U.K. brewing operations and a portfolio of 11 premier and profitable brewpubs including Birmingham, Canary Wharf, Dogtap Ellon, Dublin, Edinburgh DogHouse, Lothian Road, Manchester, Paddington, Seven Dials, Tower Hill and Waterloo. These brewing and related operating assets are expected to generate annual net revenue of $200 million and adjusted EBITDA of $6-$8 million, the company says. The acquired business is expected to become cash flow positive beginning in fiscal 2027 as integration initiatives and operational efficiencies are realized. The proposed U.S. and Australia components of the acquisition will be subject to a separate purchase agreement to be negotiated by the parties and is expected to be finalized and closed in approximately 30 days.

Due to customary licensing transfer timelines associated with brewing operations, Tilray does not anticipate a meaningful EBITDA contribution in the fourth quarter of fiscal 2026, and brewing revenues in early fiscal 2027 might temporarily reflect timing differences related to license transfers following closing, it says.