Brewery X to acquire Modern Times

Today marked the conclusion of the auction portion of the Modern Times Beer sale process which is being conducted by Onyx Asset Advisors. This was a full and fair auction, focused on the highest and best bid, a short close and no unexpected regulatory hurdles. The final auction results are pending approval by the Court on Monday, June 20.

This was a very robust and lengthy auction. The sale process started with an initial stalking horse bid of $7.62 million which, based on overbidder submissions to participate in the auction, rose to an opening auction bid of $9 million.

The auction consisted of over 70 individual bids over the course of more than three hours which resulted in a winning bid of $20 million from BX MT BAMF LLC, an affiliate of Brewery X, which represents a 2.6x increase over the initial stalking horse bid.

The robust interest and the $20 million bid for Modern Times Beer reflects the quality of the product, the strength of the team that built Modern Times Beer, and the value of the brand. The company will have further commentary after the sale hearing on Monday.

From Jennifer Briggs, CEO: “The final bid was wonderful, and it is a testament to the work of the Modern Times Beer employees and the work they have done over the past months in a very constrained business. And, of course, the work they’ve done to create the Modern Times Beer brand over the past years. I am looking forward to working with the company confirmed on Monday to make a successful transition. I realize our fans and distribution partners are waiting for specific communication and we are going to honor the process and wait until next week for final details. Regardless of any specific companies, it has been quite the experience to work through since late last year. And, I’ve been honored to meet so many interesting people who are committed to the art of brewing beer and coffee. Craft brewing is a wonderful community. I am grateful to the professional advisors who helped us through this process.”