Toronto, Ontario – Old Tomorrow Ltd is pleased to announce that it has acquired Double Trouble Brewing, an Ontario company that markets craft beers across Ontario and in British Columbia, Manitoba, Nova Scotia, Newfoundland and New Brunswick. Terms of the agreement were not disclosed. Ian Macdonald Sr. of Tricapital Solutions, a merchant bank specializing in M&A, capital raises, and financial restructurings, acted for the buyers, and Paul Woodhouse of First Key Consulting, a firm specializing in the brewing industry, acted for the vendors.
Double Trouble brands include its flagship Hops & Robbers IPA, one of the top 40 independent craft brands sold at the LCBO. The company also markets Grapefruit IPA, Pecan Porter and Pear Cider, made with 100% Ontario pears. Old Tomorrow will continue to operate Double Trouble as a separate entity.
Old Tomorrow’s president Ian Macdonald Jr. explained that this acquisition is the company’s first step in being on the leading edge of the emerging consolidation trend in the craft beer industry which has experienced explosive growth over the past decade. “We seek to unite like-minded craft brewers dedicated to bringing quality and innovative flavours to consumers,” said Ian. “The craft beer market remains strong with significant growth potential, but as the market saturates, there are new challenges to compete effectively. This acquisition represents an evolution of our business strategy and will enable us to add further value for our retail partners and Canadian beer drinkers,” he added.
Seeing this rapid change and disruption as an opportunity, Old Tomorrow also announced it is creating a new company, named United Craft, which will manage both Old Tomorrow and Double Trouble brand portfolios. “Our goal is to develop a collective of dynamic and forward-thinking independent craft beers that can quickly innovate with new flavours to surprise and delight beer drinkers,” said Ian.
Old Tomorrow will lever its proprietary customer relationship and order-processing systems, automation software and industry expertise through United Craft to bring custom scalability and enhance customer service, sales, marketing, distribution and promotion to help grow independent craft brands who may lack the resources to effectively compete in the changing landscape.