Support for L Catterton injection
Shareholders back equity stake in Innis & Gunn
Dougal Sharp: huge opportunity (photo by Terry Murden)
Shareholders in Innis & Gunn have overwhelmingly backed a £15 million investment by L Catterton, one of the world’s biggest consumer goods private equity firms.
Holders of 99% of ordinary shares have voted to accept the offer of investment, announced earlier this month, which gives L Catterton a 27.9% stake in the brewer.
It will help fuel the Edinburgh-based company’s growth plans in the UK and internationally.
Innis & Gunn was advised by investment house Noble & Co and Vialex, one of a number of deals in the food & drink sector handled by the legal services business in the last 12 months.
Dougal Gunn Sharp, founder and master brewer, who remains the largest single shareholder, said: “We are delighted to welcome L Catterton to Innis & Gunn at a pivotal time for our business.
“With the backing from our shareholders we’re excited to move forward, strengthened with the support of L Catterton’s unparalleled expertise in brand building and understanding of global consumer markets.
“This is a huge opportunity at the right time for us to build strongly on the solid foundations that have been laid to double our 2015 turnover by 2018.
“Innovation and quality have been at the heart of Innis & Gunn’s success since day one, and this continues to drive us forward as we look to 2018 and beyond.”
Jean-Philippe Barade, partner at L Catterton said: “The craft beer category is booming globally and Innis & Gunn has established a leading position in the market with its focus on high quality and distinctive beers, loved by consumers all over the world.
“With an unmatched portfolio of products, successful retail brand, and recently acquired Brewery, the potential for this brand and business is hugely exciting and it is in an exceptionally strong place to capitalise on the growth in consumer demand for craft beer.
“We look forward to working with Dougal and the outstanding team at Innis & Gunn to support their vision for growth.”
The investment from L Catterton reflects and confirms the price paid by the crowdfunding community in November 2016, when Innis & Gunn raised £2.4 million through its first equity crowdfunding campaign, AdventureCapital.