Modern Times Beer
3725 Greenwood St.
San Diego, CA 92110
Maui Brewing acquires Modern Times
To the backup-bidder goes the spoils. Hawaii’s Maui Brewing acquires Modern Times.
The fate of Modern Times has been up in the air for months now. In February 2022, the brewery announced the closing of four of its 8 taprooms, citing financial fallout from the global pandemic. Then in March, Modern Times was placed in receivership by lead lender California Bank and Trust.
Maui Brewing was favored as the potential buyer in June, until “Brewery X,” an Anaheim-based brewery entered the bidding. 70 bids and 3 hours later, Brewery X won the auction, agreeing to pay $20 million for Modern Times. Additionally, Brewery X stated they would have the deal fully funded and close within two weeks.
Except, that didn’t happen. Brewery X missed the closure and funding deadline, losing a $500,000 dollar deposit on the transaction. Maui acquired Modern Times for $15.3 million.
Co-Founder Garrett Marrero was surprised when Mauil Brewing was back in play for Modern Times.”Given the surprising outcome of the auction, Maui Brewing Company was prudent in its decision to move forward, taking appropriate measures to evaluate and solidify details prior to the announcement for the sake of both the Modern Times and Maui Brewing teams,” says Marrero in his brewery’s official announcement.
Currently, Maui Brewing produces 90,000 barrels (2.7 million gallons) of beer annually. Combined with Modern Times, that output increases to 125,000 barrels of beer annually – a production capacity that still will not allow Maui to be sold in all 50 states.
The deal is expected to close in late October 2022.
Modern Times Beer closes 4 taprooms this week
San Diego-based Modern Times will close four satellite locations by the end of the week citing ongoing financial issues.
“We wish that there were another way to resolve the financial issues we now face, but we have been put in a position – by the pandemic and global declines in the craft beer industry – from which this tremendously difficult path is the only way forward for us,” Modern Times stated in a blog post.
As of the end of this week, we will be closing our Portland, Oakland, Santa Barbara, and Los Angeles locations. It is a surreal and painful turn of events for us and everyone affected. https://t.co/2DzQcMftLp pic.twitter.com/eg5uO6Rg7s
— Modern Times Beer (@ModernTimesBeer) February 14, 2022
After new leadership stepped in over the past few weeks, the financial state of the company is unsustainable. Per the brewery, “We’ve arrived at this current moment as the result of a combination of factors: four straight years of rapid, costly expansion followed by an unforeseen and financially devastating global health crisis, and an industry-wide decline in sales. Taken together, these factors have stretched our finances and company culture to a point that is simply no longer sustainable.”
This means closing Modern Times Portland, Oakland, Santa Barbara, and Los Angeles locations by February 19th. The Point Loma, North Park, Encinitas, and Anaheim locations will remain open.
Smaller, Smarter, Faster.
That’s Modern Times Beer’s approaching in their own words going forward. No more building and expanding what the brewery can’t afford. Distribution will be focused again on Southern California and the southwest. An east coast distribution will wind down immediately.
To read the brewery’s full letter, click here.
Modern Times Monster’s Park Blueberry Cobbler
Modern Times Monster’s Park Blueberry Cobbler
Image: Modern Times
Creature Comforts collaboration with Modern Times is back for a 2nd time
Creature Comforts Modern Comforts will be re-released on Friday, August 24th.
This imperial India pale ale is a collaboration with California based Modern Times. Creature Comforts Modern Comforts is brewed with Citra and Mosaic hops.
16-ounce cans of Modern Comforts will be available at 3 pm.
Style: Imperial IPA
Hops: Citra, Mosaic.
Availability: 16oz Cans
Latest Return: 8/24/18
8% ABV
“Two schools of dankness” meet in Modern Times Citadel IPA
Modern Times Citadel IPA has debuted in California this week.
The brewery touts this beer as a “union of two beloved schools of dankness”. The hop heavy India pale ale features Simcoe, Centennial, Nugget, Citra hops, as well as Denali and Eureka hop oils.
It’s two worlds colliding in the tastiest way possible, with a slightly hazy, beautiful hop character and a bright, clean finish.
Modern Times Citadel IPA is available in 22-ounce bottles and draft at the brewery’s Lomaland Fermentorium now, and Downtown Los Angeles and Portland locations in the very near future.
Style: IPA
Hops: Simcoe, Centennial, Nugget, Citra
Hop Oil: Denali, Eureka
Malts: 2-Row Barley, Wheat, Golden Oats
Availability: 22oz Bottles, Draft.
Debut: Early June 2018
?? ABV
Image: Modern Times
Modern Times is opening a new taproom in Santa Barbara this year
San Diego, California based Modern Times Beer is expanding to Santa Barbara this year. The brewery is building a 5,000 square foot tap room and restaurant in the downtown area.
The Modern Times Academy of Recreational Science is what the new space will be called. The new space boasts a 2,500 square foot outdoor area alongside indoor seating and bar area, with “brain-bending art installations” and “weird design features”.
“This forthcoming palace of sensory delights will feature a full menu of the highest quality noms ever nommed, as well as a dazzling array of delicious beers from all of our brewery locations.”
The Modern Times Academy of Recreational Science is expected to open by the end of 2018, on South State Street in downtown Santa Barbara. This will be the 5th location for the brewery, alongside San Diego’s Point Loma, and North Park, The Dankness Dojo in L.A., and the Belmont Fermentorium in Portland, Oregon.
Modern Times is now employee owned
San Diego based Modern Times is now employee owned, a first for California breweries.
Recently employees repurchased 30% of shares from out of state investors, achieving at least a partial employee ownership status. The brewery plans on being 100% employee-owned in the near future. It only took Modern Times four years to be able to repurchase those shares.
What this means for you is that we now have a staff full of brewery-owners investing their various talents & abilities in a company they’re meaningfully and directly responsible for. Essentially, you should probably prepare to be even more dazzled than usual with what’s about to emerge from our brewhouse, coffee program, and upcoming new locations. This is a seriously massive step for us, and we cannot wait to share the resulting radness with all of you.
The brewery as a whole touts a list of employee incentives already, including health care, competitive salaries, two-month paid sabbatical after 5 years, unlimited paid time-off, and a take home wage of $15 dollars an hour (plus lots of free beer and coffee).
The Modern Times employee stock ownership plan was facilitated by Ambrose Advisors. Neil Brozen of Ventura ESOP Fiduciary Services has been retained as the Trustee.
The future holds not only sustainable ownership structure, according to CEO and founder Jacob McKean, but new growth and efficiency improvements, new beers, and an expanded company direction.
