Craft rollup CANarchy Craft Brewery Collective and Three Weavers Brewing Company founder Lynne Weaver have reached an agreement in which Weaver and her investment group will reacquire the Inglewood, California-based craft brewery, the company announced today.
With the split from CANarchy, Weaver will “pursue her vision of a Three Weavers branded brewery, tasting room and restaurants within Hollywood Park’s retail district,” the company said in a press release.
CANarchy — whose brands includes Oskar Blues, Cigar City, Deep Ellum, Squatters, Wasatch, Perrin and Revitalyte — acquired the Inglewood, California-based craft brewery in July 2018 in a deal that chief operating officer Matt Fraser told Brewbound was “cash-free and debt-free.” He added at the time that the company paid off the debt Three Weavers took on to build its brewery at the time.
Weaver, along with about a dozen Three Weavers investors, exchanged their shares in Three Weavers for equity in CANarchy at the time of the sale. According to a U.S. Securities and Exchange Commission filing from July 2018, CANarchy offered $18,473,301 in equity as part of the rollup’s merger with Three Weavers.
“I’m truly thankful for all the guidance that [CEO] Tony [Short] and the CANarchy team have provided,” Weaver said in today’s release. “I will always believe in the CANarchy mission and am amazed at what they have accomplished. I’m also excited at the opportunity to bring this vision of Three Weavers to fruition.”
Weaver founded Three Weavers in 2013 and the company grew fast in its early years, increasing production 93% to 5,420 barrels in 2017, the year before it joined CANarchy.
“Since joining the Collective in 2018, Lynne and the Three Weavers team have been great partners for CANarchy,” Short said in the release. “We are proud to be able to support their next phase of growth through this great opportunity at Hollywood Park, and we wish Lynne and her team all the best in this new chapter.”
Three Weavers’ planned new brewery will be adjacent to Sofi Stadium, home of the NFL’s Los Angeles Rams and Los Angeles Chargers.
A Three Weavers beer will continue to be offered in the CANarchy mix pack through the end of 2021.
CANarchy was the nation’s sixth largest craft brewery by volume in 2020, with production output of 489,626 barrels, according to data in the May/June 2021 issue of the Brewers Association’s New Brewer. The company’s volume increased 2% last year, and it holds a 2.13% share of the segment, according to the BA.