Tilray Brands has acquired key assets of the struggling Scottish craft brewer BrewDog in a transaction valued at GBP 33 million (USD 42 million). The purchase was completed through a pre-pack administration process after BrewDog failed to find a buyer for the entire company.
The acquisition includes BrewDog’s global brand and intellectual property, its main brewery in Ellon, Scotland, UK brewing operations and a portfolio of eleven brewpubs in the UK and Ireland. Among the sites included in the deal are locations in Birmingham, Canary Wharf, Manchester, Dublin and the Dogtap venue in Ellon. Additional BrewDog assets in the United States and Australia are currently subject to separate negotiations expected to conclude within approximately 30 days.
BrewDog’s German operations are not part of the acquisition. According to reports, the German business, including the brewery in Berlin, could not be transferred to Tilray despite attempts by the appointed advisors AlixPartners (inside.beer, 16.2.2026). As a result, the German subsidiary is expected to be fully liquidated.
According to Tilray, the acquired brewing operations are expected to generate around USD 200 million in annual net revenue and an adjusted EBITDA of USD 6 million to USD 8 million. However, the company stated that the integration of brewing licenses will delay financial contributions, meaning the assets are not expected to materially boost EBITDA during the fourth quarter of fiscal year 2026. Full financial impact is anticipated only in early fiscal year 2027.
The purchase price highlights the sharp decline of the once highly valued craft brewer. In 2017, private equity firm TSG Consumer Partners acquired a stake in BrewDog at a valuation exceeding USD 1 billion. BrewDog, founded in 2007 by James Watt and Martin Dickie, had previously been celebrated as a marketing phenomenon in the global craft beer movement.
Financial difficulties in recent years led to restructuring measures, including bar closures and job cuts. Hundreds of employees are expected to lose their jobs, while thousands of small retail investors—known as the “Equity Punks”—are unlikely to receive any proceeds from the sale despite having invested substantial amounts through crowdfunding campaigns.
Under the new ownership, BrewDog’s main production facility in Ellon will remain operational, as will key logistics infrastructure. Tilray intends to integrate the brand into its broader beverage strategy, which aims to build a diversified global craft beverage platform generating about USD 500 million in annual revenue. Combined with its existing operations, the company expects its overall annualised revenue to reach approximately USD 1.2 billion.
The transaction also forms part of Tilray’s broader expansion in the beer sector. The group has previously acquired several craft beer brands in the United States and recently signed a licensing agreement to produce and distribute Carlsberg, Carlsberg Elephant, 1664 and Kronenbourg 1664 Blanc in the U.S. starting in 2027 (inside.beer, 19.2.2026).
