24-year-old New Hampshire based Smuttynose Brewing Company will be sold at auction in March. The brewery is currently seeking a buyer.
According to a statement released today, Smuttynose is seeking an immediate buyer prior to a planned March 9th auction. The would include the LEED-Gold certified brewer on Towle Farm in Hampton, as well as the Hayseed Restaurant nearby.
“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.” – Smuttynose owner Peter Egelston
Smuttynose was founded in 1994, employs 68 people, and generates $10 million dollars in annual revenue. Over the past year, the brewery has been operating at 50% of its 75,000 barrel a year capacity.
Currently, the brewery and restaurant are open as usual, and no employees have been eliminated.