North London brewer Beavertown has confirmed it sold a minority stake of its business to Heineken for £40 million after months of speculation in the beer world.
The maker of Gamma Ray and Neck Oil announced the investment on Thursday 21 June, and it said will go towards building a new brewing facility called Beaverworld with 10 times the brewing capacity of its current site.
The new facility is expected to create 150 jobs in Tottenham Hale.
Beavertown declined to reveal what percentage of the company Heineken now controls. A spokesperson said: “Whether its 1% or 49% the impact remains the same.”
Like many craft breweries, Beavertown has developed a cult following since launching in , particularly in its home borough of Haringey. The company recently struck a deal with Tottenham Hotspur to open a microbrewery and taproom at the stadium, which both parties claimed was a “premier League first.”
“It’s been an uncomfortable few weeks as speculative rumours have been flying about,” read a blog post on the company’s website.
“After talking to many parties, we can announce that the minority partner we have chosen to work with to make our vision for Beaverworld a reality is Heineken.”
Logan Plant, the brewery’s founder, will keep his position as CEO and owner of the company, and added that “The relationships with our accounts, distributors, suppliers and brewing family and friends stays exactly the same. Who we work with and how we work with them stays exactly the same.”
The news comes after months of rumours and speculation that beer giant Heineken — Tottenham’s official beer partner — was planning to purchase a minority stake in Beavertown.
Mergermarket reported that the deal would mimic its investment in south London brewery Brixton, which saw it take a 49% stake in the business to fund a move to a larger site.
The brewery had researched other investment options, such as crowdfunding or private equity, but these were dismissed as “unsuitable.”
Plant was at pains to reassure Beavertown’s loyal following that Heineken “do not want us to conform or change.”
“They love what we do and want us to do more of it.
“That support gives us the opportunity to maximise what we do best and support our partners and team along the way to achieve and grow together.
“The only change will be the building of Beaverworld, hopefully with completion and beer flowing by late 2019.”