The auction for San Diego’s Modern Times Beer Co. concluded Friday with an affiliate of Anaheim’s Brewery X, BX MT BAMF LLC, casting the “winning bid” at $20 million, according to a press release shared by Modern Times.
“This was a full and fair auction, focused on the highest and best bid, a short close and no unexpected regulatory hurdles,” the company wrote in the release.
Even with Brewery X ending Friday’s auction with the top bid in the court-appointed receiver’s eyes, the final results are still pending court approval during a hearing slated for Monday, June 20.
Brewery X’s bid topped the $7.62 million “stalking horse” bid entered by Maui Brewing to set the pace for the auction.
The opening bid during Friday’s auction started at $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,” Modern Times wrote in the press release.
Brewbound understands that there was a third bidder involved in the auction, which went down to the wire.
Brewery X produced 15,000 barrels of beer in 2021, a 50% increase, according to the Brewers Association. In addition to its taproom, the company operates outposts at the Honda Center and Angel Stadium. A location at California’s Ontario International Airport is listed as “coming soon” on its website.
More details to come Monday following the hearing. Read the back story on the receivership sale of Modern Times in the links below. Read the press release below the links.
Modern Times Auction Scheduled for June 17, Sale Hearing Set for June 20
Modern Times CEO Discusses Maui Bid and Impending Auction
Maui Brewing Places ‘Stalking Horse’ Bid for Modern Times Beer, Auction Slated for Early June
Modern Times CEO: ‘We’ll Know the Future of Modern Times by End of June’
Modern Times Expects to be Sold Via ‘Court-Ordered Receivership Sale’
Report: Modern Times Seeks Sale or Investor in Wake of Taproom Closures and Layoffs
PRESS RELEASE
Rigorous Modern Times Beer Sale Process Drives 2.6x Increase Over Initial Stalking Horse Bid
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, 2022.
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.
We 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.”
###
Modern Times Beer is home to an intrepid cadre of brewers, coffee roasters, culinary wizards, creative powerhouses, and beer-slingers. Our family of brands includes Orderville, Black House stout, Dungeon Map, and we are delighted for Hello, Grapefruit to join our summer lineup. Modern Times is distributed throughout California, Arizona, Colorado, Nevada, Utah, Hawaii, Texas, and beyond. The Modern Times bottle club, also known as The League, provides our fans with opportunities to purchase directly from the brewery and partake in extraordinary tastes. Experiences are shared at our four tasting rooms and restaurants in Point Loma and North Park San Diego, Encinitas, and Anaheim.
Onyx Asset Advisors, LLC, with offices in San Francisco and Los Angeles, is a boutique asset advisory, monetization and disposition firm that specializes in creating multifaceted monetization strategies for its clients. Full company and sale details can be found on our website at www.thinkONYX.com