Speakeasy Keeps Beer Flowing & Taproom Open After Asset Sale Arranged by Business Capital
“Reed Upson and the team at Business Capital were great to work with, they did an incredible job managing the sell-side process and presenting Speakeasy to a plethora of interested investors in a very short period of time. The BizCap team leveraged their extensive relationships and was invaluable in assisting me to secure the highest value possible for the iconic Speakeasy brand.”–Bill Brinkman, Jigsaw Advisors.
San Francisco’s iconic craft brewery, Speakeasy Ales & Lagers, has been purchased by former beer distributor and owner of Hunters Point Brewery, Ces Butner, in an asset sale arranged by Business Capital. Speakeasy began in San Francisco in 1997, opened a taproom in 2011, and quickly became one of the Bay Area’s largest brewers and most widely known brands with a big fan following for its cult-hit craft beers, such as Big Daddy IPA and Prohibition Ale.
The Company underwent a major expansion in 2015 with the addition of a new 60-barrel brewhouse, malt handling system, fermenters, canning line, and more. The $6.5 million project significantly increased capacity to 67,000 barrels, but left the company overleveraged and undercapitalized. In March 2017, the company ran out of funds and was forced into receivership. Business Capital was brought in to run the asset sale and Jigsaw Advisors, a turnaround management firm, was appointed as receiver to oversee brewery operations.
“Playing a part in keeping the beer flowing for Speakeasy and sustaining jobs for the community was personally rewarding for all of us at Business Capital, who are huge fans of the brand. Our VP, Reed Upson, did a yeoman’s job working tirelessly to target every potential investor in our wide network of contacts and present the value of this company and its assets.” — Chuck Doyle, Managing Director, Business Capital