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US private equity firm bids for ?15m stake in Innis & Gunn

A US private equity firm has made a ?15m offer to buy over a quarter of independent Scottish brewer Innis & Gunn.
L Catterton, a consumer-focused firm based in Connecticut, is looking to take a 27.9pc stake in the business in a move that has been endorsed by Dougal Gunn Sharp, Innis & Gunn’s founder.
Mr Sharp, who would remain the largest single shareholder in the company, has urged shareholders to accept L Catterton’s proposal, which values the business at around ?54m.
He said the company has been in discussions with L Catterton since February, and added that the move was a "win-win".
He said the focus of the business will remain on growing its drinks brands, investing in its brewing capabilities and ploughing more money into its Beer Kitchen retail brand.
"We will be able to do more of that and we will be able to do it faster," he said.
US private equity firm bids for ?15m stake in Innis & Gunn

Founder Dougal Gunn Sharp

Credit:
Kevin Gibson Photography Ltd
L Catterton’s other investments in the UK include athleisure pioneer Sweaty Betty, denim company Pepe Jeans and luxury yacht manufacturer Princess Yachts.
It was formed last year through the partnership of investment company Catterton with luxury goods group LVMH and its controller Bernard Arnault, via his holding company Groupe Arnault.
In the US, L Catterton has invested in casual dining companies such as Punch Bowl Social and Velvet Taco.
"One of the areas they have invested in quite extensively is casual dining in the US," Mr Sharp said.
"It looks like there are companies who might be able to provide a route to market for our beers. And the expertise they have could also help us shape our strategy for our Beer Kitchens."
Innis & Gunn returned to profit last year after buying its first brewery and launching the Beer Kitchen brand.
It used the ?3m it raised from 1,105 investors via a retail bond to buy the brewery in Perth last year. The beers brewed at the site helped sales soar by 22pc to ?14.3m, which contributed to the company reversing its ?275,000 loss in 2015 to make a pre-tax profit of ?331,000 last year.
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