Edinburgh-based craft beer company Innis & Gunn said that holders of 99% of its ordinary shares voted to accept an offer of investment in the business from Greenwich, Connecticut-based private equity firm L Catterton.
L Catterton is the largest consumer-focused private equity firm in the world.
The transaction of £15 million was completed on Friday to secure a 27.9% stake in Innis & Gunn.
Innis & Gunn said the completed deal will fuel its growth plans in the UK and internationally.
Innis & Gunn recently reported a 22% increase in annual group turnover to more than £14.3 million in 2016.
Dougal Gunn Sharp, Innis & Gunn Founder and Master Brewer said: “We are delighted to welcome L Catterton to Innis & Gunn at a pivotal time for our business.
“With the backing from our shareholders we’re excited to move forward, strengthened with the support of L Catterton’s unparalleled expertise in brand building and understanding of global consumer markets.
“This is a huge opportunity at the right time for us to build strongly on the solid foundations that have been laid to double our 2015 turnover by 2018.
“Innovation and quality have been at the heart of Innis & Gunn’s success since day one, and this continues to drive us forward as we look to 2018 and beyond.”
Jean-Philippe Barade, Partner at L Catterton said: “The craft beer category is booming globally and Innis & Gunn has established a leading position in the market with its focus on high quality and distinctive beers, loved by consumers all over the world.
“With an unmatched portfolio of products, successful retail brand, and recently acquired brewery, the potential for this brand and business is hugely exciting and it is in an exceptionally strong place to capitalise on the growth in consumer demand for craft beer.
“We look forward to working with Dougal and the outstanding team at Innis & Gunn to support their vision for growth.”
Completion of the deal gives L Catterton a minority stake of 27.9% in the business, and Dougal Gunn Sharp remains the largest single shareholder.
The investment from L Catterton reflects and confirms the price paid by the crowdfunding community in November 2016, when Innis & Gunn raised £2.4 million through its first equity crowdfunding campaign.
Innis & Gunn was advised by Noble & Co and Vialex.
