LNK exits Dogfish Head Brewery

LNK said July 24 that it has exited Dogfish Head Brewery after selling the company to Boston Beer Co. The deal was announced in May. Dogfish’s portfolio of brands include 60 Minute IPA, 90 Minute IPA, Sea Quench Ale and Slightly Mighty. Boston Beer acquired Dogfish for $300 million, according to press reports.

PRESS RELEASE

LNK is pleased to announce the successful merger of Dogfish Head Brewery with the Boston Beer Company (NYSE:SAM).
By combining Dogfish’s portfolio of leading brands (60 Minute IPA, 90 Minute IPA, Sea Quench Ale, Slightly Mighty and more) with those of the Boston Beer Company (Samuel Adams, Angry Orchard Hard Cider, Twisted Tea and Truly Hard Seltzer), this merger has created the premier American platform for craft beer and beyond.
During LNK’s investment period, Dogfish was able to continually grow its craft beer business and maintain its premium positioning through continued innovation and investments in sales, marketing and infrastructure.
Sam Calagione, founder and CEO of Dogfish, said, “LNK has been a terrific partner and has played a critical role in the Dogfish journey. Their guidance and insight as we expanded sales, marketing and distribution, as well as their help building and strengthening our leadership team, contributed greatly towards our growth even during this very competitive time in our industry. We are a much stronger company now thanks to our partnership with LNK.”

David Landau, a partner at LNK said, “It has been a privilege to partner with Sam and Mariah and the Dogfish Head team. This merger represents an excellent result for LNK’s investors, but importantly it is also a terrific outcome for Dogfish and positions them for continued success going forward.”
As a reminder, LNK remains focused on identifying opportunities where we can invest $50-200 million of equity capital per deal. Most importantly, we are looking for companies where there is a management team that is interested in finding a true partner for their business. In more than half our deals, LNK has been a minority investor, but we are open to owning greater than 50% as long as the management team with whom we are partnering continues to be committed to remaining with and invested in the business.
We look forward to discussing new opportunities with you.