The Provident Bank was the top bidder for Smuttynose Brewing Co. during an auction that took place yesterday.
According to a story on Boston.com, the Amesbury, Mass.-based bank was already the top lender to the Hampton, N.H.-based brewery and paid a total of $8.25 million. The sale included the Smuttynose brand, its new facility on the Towle Farm in Hampton as well as the Hayseed Restaurant located next to the brewery.
The sale is the result of a shift in the market that occurred just as Smuttynose committed to a “major infrastructure investment with the construction of the new production facility.”
Smuttynose Brewing Co. was founded in 1994 by Peter Egelston and employs 66 people capable of producing 75,000 barrels of beer a year. in addition, Egelston is co-owner of the Portsmouth Brewery located in downtown Portsmouth that was not part of the auction.