Deschutes Brewery

Client & Engagement Overview

• Founded in 1988 in Bend, Oregon, Deschutes Brewery is the fifth largest craft brewer in the U.S. and produces a wide range of beers and ales​.
• Deschutes experienced tremendous growth and the shareholders sought a strategy to realize partial liquidity for certain shareholders who were inactive in the business​.
• Deschutes decided to implement a partial sale & recapitalization transaction for both current and future shareholder stock redemptions​.
• Trefethen principals issued a valuation and fairness opinion in connection with the transaction​.

Challenges

• Aligning Deschutes’ historical growth with significant projected improvement in the business created unique valuation challenges​.
• Company-owned real estate assets, two distinct business operations, and an ongoing brewery expansion project required evaluating each asset separately​.

Outcome

• Aligning Deschutes’ historical growth with significant projected improvement in the business created unique valuation challenges​.
• Company-owned real estate assets, two distinct business operations, and an ongoing brewery expansion project required evaluating each asset separately​.