Craft beer BrewDog to launch in Hamptons after Tilray CEO buys troubled brewer
NY Post
Irwin Simon, who famously pivoted to legal weed after making a name for himself building an herbal tea empire, is expanding his company’s beer offerings.
Tilray Brands, where he is CEO, recently snatched up UK-based BrewDog for a cool $53 million – a far cry from the $2 billion valuation it had at its peak.
The deal marks the latest turnaround effort for Simon, who spent years running brands like Celestial Seasonings under the Hain Celestial Group before venturing into pot, beer and “wellness” foods.
“Through my Hain days, I have bought declining brands and turned them around,” the exec said. “This will take a great team, spending money on the brand and putting the negativity of the past behind.”
BrewDog was known for its rebellious image, with its founders seeking to shake up what they viewed as the stuffy craft brewery scene in their native UK. But the company hit the rocks due in part to overexpansion – opening breweries and pubs in England, Ireland, Scotland, Australia and the US, including a Las Vegas flagship pub plus a brewery, hotel and three pubs in Ohio – according to Simon.
Simon said prior to acquiring BrewDog, Tilray was already the fourth-biggest craft brewer in terms of sales volume in the US, according to the Brewers Association.
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