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​.