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Flying Fish Brewing Co forced into bankruptcy after sale falls through
New Jersey brewery Flying Fish has filed for bankruptcy after a planned sale to Cape May Brewing Co collapsed.
Flying Fish Brewing Co, based in Pennsylvania, New Jersey, has filed for bankruptcy protection after a sale of its assets to Cape May Brewing Co failed to go through.
The bankruptcy petition, filed by Flying Fish in late December, lists US$1.3 million in assets, including brewing equipment worth an estimated US$500,000. The beer company also declared US$9.3 million in liabilities to multiple creditors.
Flying Fish, which distributes its beers in New Jersey, Pennsylvania, Delaware, and Maryland, was acquired by investment firm Elk Lake Capital in 2016, and was eyeing a sale to fellow New Jersey brewing business Cape May after experiencing a sharp decline in revenue last year.
Having previously generated a gross annual revenue of around US$4 million for the past few years, in 2023 Flying Fish saw this dip to US$3.1 million.
Its financial woes follow a US$6 million expansion in 2012, which included the construction of a new tasting room.
Craft beer company Cape May announced plans to buy the ailing company’s assets in April 2023 in order to boost its own production capacity and warehouse space, but called off the deal in June following “extensive analysis during the diligence phase”.
That same month, Flying Fish began recruiting for an Assistant Brewer to help with its operations.
According to documents filed during the bankruptcy application, Flying Fish intends to continue operating as a debtor in possession, with protection from creditors as it reorganises its finances.
Creditors include California investment firm Celtic Capital Corp of California, to which the brewer owes US$3.3 million.
Flying Fish is known for its experimental brews including Blueberry Bragott Honey Ale and Hazy Bones IPA. It has also released a Fried Ice Cream Stout and Caramel Espresso Porter (pictured above).
It last posted on its social media channels in September 2023.
Cape May Brewing Co., which claims it “put New Jersey on the map” for craft beer when it launched in 2011, also produces a range of hard seltzers including a Hard Ice Tea, Hard Lemonade and Hard Root Beer Float.