Black Hops Brewing gets first toehold in Brisbane after acquiring Semi-Pro Brewing
An award-winning craft brewer on the Gold Coast is set to move in to the Brisbane market after acquiring a popular local brand that started as a backyard “gypsy’’ brewing venture. It will trade for the last time this Sunday.
City Beat
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JOINING FORCES
They describe it as both an ending and a new beginning.
The gang at Semi-Pro Brewing will shut their doors in East Brisbane after one final bit of trading this Sunday.
It caps a five-year journey that saw co-owners Mick Guy, Siena Perry and Shaun Stubley go from backyard “gypsy’’ brewing to having their own premises on Manilla Street starting in early 2018.
But, after a bit of tweaking to the interior, those same taproom doors will swing open again in a few weeks under the banner of Black Hops Brewing, the award-winning and fast-growing outfit based on the Gold Coast.
The two camps, which have known and respected each other for years, have struck an agreement this week that amounts to a very friendly acquisition.
Under the deal, the Semi-Pro team will get an unspecified equity stake in Black Hops and Guy will stay on as head brewer on the site, along with the existing staff. Sadly, the Semi-Pro name now vanishes.
Black Hops co-founder and boss Dan Norris declined to reveal the value of the deal or any financial specifics when City Beat rang for a chat on Thursday.
Yet he was happy to explain the logic behind the move, which gives the company its first toehold in the Brisbane market.
“We’re buying their equipment, tap room and the good will they have built up in East Brisbane,’’ Norris said.
“For us it just seemed like a great fit. It’s a great location and a great space.’’
CROWD FUNDING
So where’s the money coming from?
Black Hops has about 50 shareholders but it’s also been remarkably successful at equity crowdsourced funding.
Last year it raised $400,000 in just six days from nearly 550 investors, who tipped in an average of $733 a piece.
Records show it currently has just shy of $4m of paid shares on issue.
Black Hops launched in a backyard in 2014 after Norris, along with co-founders Eddie Oldfield and Michael McGovern, brewed up a batch of eggnog stout.
Today it operates a brewery and taproom at Burleigh Heads, as well as a production facility in Biggera Waters.
The company is also in the midst of building a barrel room watering hole next to the Burleigh site set to open in January.
Norris predicted Black Hops will turn a profit this year of about $500,000 based on revenue shooting up to around $12m.