Press Release

Magnolia Brewing Company, LLC Sells Business Assets to New Belgium Brewing Company

SAN FRANCISCO (Jan. 31, 2018) – Baker Tilly Capital, LLC, a boutique investment bank for middle-market businesses, successfully assisted Magnolia Brewing Company, LLC (Magnolia) in the sale of its business assets to a group led by New Belgium Brewing Company (New Belgium) as part of a bankruptcy proceeding.

Magnolia Brewing, established in 1997 in the heart of San Francisco’s Haight-Ashbury district, expanded operations in 2015 with the addition of Smokestack, a barbecue restaurant attached to its 30-barrel brewery production facility. Magnolia ownership decided it was necessary to sell after encountering financial difficulties shortly after the expansion.

Baker Tilly Capital analyzed Magnolia’s situation and marketed the company to a large group of financial and strategic buyers, matching them with a purchasing group led by New Belgium, which acquired the company for $2.7 million.

“We were pleased to identify a strategic buyer that perfectly aligns with Magnolia’s vision to keep the core history of the company moving forward,” Sean Dingeldein, managing director with Baker Tilly Capital, said.

The purchasing group, Ripple by the Bay, LLC, is a majority-owned subsidiary of New Belgium, with Dick Cantwell, founder of Elysian Brewing Company, and Oud Beersel, a Belgian lambic producer, serving as minority partners. The partnership will continue to operate both Magnolia locations with existing staff and brands, as well as add resources to grow the company in the near future.

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Baker Tilly US, LLP (Baker Tilly) is a leading advisory, tax and assurance firm whose specialized professionals guide clients through an ever-changing business world, helping them win now and anticipate tomorrow. Headquartered in Chicago, Baker Tilly, and its affiliated entities, have operations in North America, South America, Europe, Asia and Australia. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 145 territories, with 34,700 professionals. The combined worldwide revenue of independent member firms is $3.6 billion. Visit or join the conversation on LinkedIn, Facebook and Twitter.