Maui Brewing Co. has lined up a bid to acquire ailing San Diageo craft brewer Modern Times.
The Hawaii-based company, which is the 43rd largest craft brewer in the US according to The Brewers Association, intends to make an undisclosed bid to buy Modern Times at auction next month. The beleaguered Modern Times business has been left facing a court-ordered offload after its bank commenced litigation over fears about the state of its finances.
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The purchase of Modern Times would nearly double Maui’s annual output, to 115,000 hectolitres a year.
”While this is just the first step in a long process, we believe in the Modern Times brand and feel it provides a tremendous opportunity for us,” said Maui’s CEO, Garrett Marrero, this week. “They have an amazing, dedicated team and we hope to contribute to the next stage in their journey as a craft brewery.”
Jennifer Briggs took over as CEO of Modern Times a year ago, after founder Jacob McKean vacated the post following allegations of misogyny and harassment at the brewer.
Just Drinks presents ‘The 24th Annual International Beer Strategies Conference’ on 4-6 October
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By GlobalData