Lot 100 sold to former big brewery boss
Listed beer business Mighty Craft has offloaded Adelaide Hills venue and brewery Lot 100, three months after it sold local craft beer brand Mismatch.
Mighty Craft has sold its Adelaide Hills venue Lot 100. Photo: Lot 100.
A company controlled by former Carlton & United Breweries CEO Peter Filipovic has acquired the Hay Valley-based venue and brewery Lot 100 for “no less than $1.5 million”.
In a short statement released to the ASX this morning, Lot 100 owner Mighty Craft said it sold the venue – which houses Hills Cider Co, Mismatch Brewing Co, Vinteloper, Adelaide Hills Distillery, Ashton Valley Fresh and a restaurant – to a “third party buyer led by a consortium of experienced publicans in the Australian hospitality industry”.
The name of the company that has acquired Lot 100 is Lot 100 Publicans Pty Ltd. ASIC records show former Carlton & United Breweries CEO Peter Filipovic is one of two directors of the entity, alongside Victorian Richard Ludbrook.
Filipovic recently acquired Adelaide craft beer brand Mismatch from Mighty Craft for $7.2 million. The former CUB boss has been highly acquisitive in the space, having also bought beer brand Jetty Road from Mighty Craft late last year.
In its statement, Mighty Craft said Lot 100 will be sold for cash consideration of “no less than $1.5 million”.
“The sale includes all of Lot 100’s business and assets, such as the leasehold for the Lot 100 cellar door venue in South Australia, branding, intellectual property, trading names, contracting arrangements, inventory, plant and equipment, and licences,” Mighty Craft said.
“Following completion, it is intended that the proceeds of the sale will be paid to MCL’s senior lenders and to fund the ongoing operations of the business.
“The parties are currently targeting to settle today.”
Mighty Craft acquired Lot 100 as part of a $47 million deal which also included the Mismatch, 78 Degrees and Hills Cider brands.
The announcement comes during choppy waters for Mighty Craft which also owns South Australian brand Kangaroo Island Spirits and other Australian craft brands Better Beer, Seven Seasons, Foghorn Brewery and more.
In February, the company flagged it had received “multiple” offers for South Australian-based assets. It said it would evaluate the offers following the recognition of a $40.7 million non-cash impairment, copped due to classifying some businesses as “held for sale”.
In its most recent half-year results – described as “mixed” by managing director Katie McNamara – Mighty Craft said revenue was up by 25 per cent and its loss was reduced from $2.4 million to $1.6 million.
