When one of America’s leading private-equity companies decided recently to buy a roughly £213 million stake in one of the world’s fastest-growing craft-beer brewers, the deal team sought advice from TRC, based on our reputation as experts advising clients on a broad range of environmental and sustainability issues. Our Transaction Advisory Services team has been supporting private equity investors for over 25 years and has built a deep understanding of the energy and water usage of breweries, their land-use impacts, and what they need to do to comply with waste and wastewater disposal regulations.
The transaction involved TSG Consumer Partners, based in San Francisco and New York, taking a 22.3 percent stake in BrewDog, a Scottish-born multinational brewer, bar, and hotel operator that’s expanding throughout the world. BrewDog’s newest brewery is near Columbus, Ohio, its first in the U.S.
Both companies have prestigious histories. TSG Consumer Partners, founded in 1987, manages four active funds with assets under management of more than $5 billion, invested in dozens of premium food, beverage, hospitality, health and beauty, and consumer-product brands.
BrewDog was launched in 2007 in Scotland and has steadily grown to 32 BrewDog Bars in the United Kingdom, Europe, and Scandiniavia, with more than 400 crew members. BrewDog’s home “eco-brewery” just north of Aberdeen, completed in 2013, is one of the most technologically advanced and environmentally friendly breweries in the world. BrewDog’s brewhouse uses a progressive heat recovery system to minimize energy consumption and provides all its brewing by-products, spent malt, hops, and yeast to local farmers. The new 100,000-square-foot brewery near Columbus is aiming to be a model of sustainability, environmental stewardship, and energy efficiency as well.
With offices close to Brewdog’s UK and US breweries, TRC supported the investment decision and helped create value through strategic environmental due diligence. My colleague David Contant and I collaborated with TSG’s legal advisor, Ropes & Gray to analyse environmental risks and opportunities specifically related to the brewing sector and provide insights into environmental regulation in both the UK and US.
With counsel from TRC and its other advisors, TSG concluded that BrewDog now merits a valuation of £1 billion, or close to $1.3 billion. Now that’s something to toast!
Sharing Our Perspectives
Our practitioners share their insights and perspectives on the trends and challenges shaping the market.
New Jersey Implements Landmark Environmental Justice Regulations
August 2, 2023
A new landmark Environmental Justice (EJ) law is now effective in New Jersey following a lengthy rulemaking process surrounding the New Jersey Department of Environmental Protection’s (NJDEP) Administration Order (AO) No. 2021-25. It is the first rule of its kind and the strongest EJ regulation in the nation.
New Phase I ESA Standard Will Affect Environmental Due Diligence
January 25, 2022
After years of review, revisions and discussions, the new ASTM E1527 Phase I Environmental Site Assessment (Phase I ESA) standard has been published. The new standard includes updates to definitions, clarifications on processes and requirements, and guidance for emerging contaminants.
Managing EHS & ESG Risks Through Integrated Systems Today and Beyond
July 22, 2021
It has been more than 50 years since the development and establishment of the federal Environmental Protection Agency (EPA) and the federal Occupational Safety & Health Administration (OSHA) which were formed to protect our environment and workplaces across the United States. Significant laws, policies and regulations followed to establish the “regulatory programs” that all applicable businesses and entities must address and meet to ensure these compliance-driven legislative programs would create a foundation to protect our society.
A billion-dollar BrewDog: TRC advises private-equity client on major craft beer investment deal
April 19, 2021
When one of America’s leading private-equity companies decided recently to buy a stake in one of the world’s fastest-growing craft-beer brewers, the deal team sought advice from TRC.
TRC Announces Collaboration with Greenstone Reinforcing Integrated ESG, Sustainability and Climate Risk Solutions
June 26, 2020
Renewable energy developers face an increasingly fast moving and competitive market. While opportunities abound, bringing projects online to meet demand comes with many technical and administrative challenges. In this episode of TRC Talks, our experts discuss how TRC’s fully integrated renewables delivery platform is helping move projects from concept to completion, faster and more efficiently.
COVID-19 and Implications for ESG Investing
June 3, 2020
This global pandemic has exposed business vulnerabilities and recalibrated material Environmental Social and Governance factors for investors.
TRC Brings Environmental Services to Manchester with Second UK Office
March 5, 2020
In continuing to expand our presence in a key British market, TRC is opening our second UK office in Manchester, England
