Microbrewery Fund

Microbrewery Fund

Introduction

The Czech craft brewery fund has a goal of acquiring stakes in microbreweries to a level of initial total production volume of 90 000 hectolitres (hl). It is expected this will be made up from equity positions on 20-30 microbreweries with an average individual production of 3-5000 hl. As a rule of thumb, microbreweries to be targeted will be based predominantly in the regions, not in Prague, and predominantly going concerns with active production, live client base and little to no presence in Prague and no exports. One to two side-pocket investments in flying breweries with strategic potential (future location, team, market presence etc.) are also planned.

A basic valuation will be based on USD/hl value. With all discounts, investment target valuation will be, on average 400 USD/1 hl for a total of approx. 90 000 hl, of which the fund will own approx. 30 000 hl net at an initial value of 12 million USD. This represents a significant discount of close to 50% on current microbrewery valuations.

With planned growth to total hl volume of over 270 000 hl over 5 years, at market rates, the fund investments will be worth over 70 million USD.


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