Slipstream Brewing repurchase shares from Mighty Craft

Slipstream Brewing announced today that the company has entered into a binding agreement to repurchase shares from Mighty Craft, solidifying the original founders, Deale & Elisa Stanley-Hunt, as the sole proprietors with 100% ownership.

The transaction, set to conclude by the end of February, will result in the transfer of Mighty Craft’s 45% stake back to the visionary founders. Furthermore, it will settle the convertible note established to finance Slipstream’s successful venue expansion completed in 2021.

The move follows Slipstream Brewing’s successful decision in September 2023, to bring sales and distribution in house.

“We are pleased to announce the acquisition of the shares back from Mighty Craft,” said Slipstream Brewing Director, Deale Stanley-Hunt. “We’re looking forward to continuing the business going
forward and shaping the direction of Slipstream Brewing to align with our long-term vision for the brand. We extend our gratitude to Mighty Craft for their partnership and in supporting us to get to this outcome”.

The decision to repurchase the shares demonstrates the founders’ unwavering commitment to the core values and mission of Slipstream Brewing despite difficult market conditions.

“With complete control back in our hands, we’re eager to build upon our successes and continue delivering exceptional beer and experiences to our customers. This repurchase reaffirms our dedication to upholding the values that have defined Slipstream Brewing since its inception. We are excited about the future and are grateful for the support of our patrons and partners.”

ABOUT SLIPSTREAM BREWING

Slipstream is an independently owned brewery based in Brisbane with a passionate team, producing some of the most accessible and sessionable craft beers available. Inspired by beers discovered from visits to the US, founders Deale and Elisa Stanley-Hunt make the hops the heroes and their beers hit the bullseye, brewed with nothing but pure flavour in mind. In 2021, Slipstream Brewing opened a 300 pax venue that has become one of Brisbane’s busiest taprooms.

ASX Announcement by Mighty Craft

Mighty Craft Limited (ASX: MCL) (“Mighty Craft” or “the Company”) is pleased to announce it has entered into an agreement with Deale and Elisa Stanley-Hunt, the original founders of Slipstream Brewing Co Pty Ltd (“Slipstream”) to return its share in the company and exit its investment in Slipstream.

As part of the transaction, for net proceeds of 850,001:

1. Slipstream has agreed to redeem its Convertible Notes;
2. Mighty Craft has agreed to partially forgive the liability owned to it under the Convertible Notes; and
3. Slipstream has also agreed to complete a selective buy-back of the Buy Back Shares.

Katie McNamara, Managing Director of Mighty Craft, said “this is a great outcome for all parties. Mighty Craft is a craft beverage accelerator and partnered with Slipstream to provide leadership and support to accelerate the company’s growth. Mighty Craft is proud to see Deale and Elisa take back the company and continue to grow the brand.”

Deal Stanley-Hunt, Slipstream Brewing Director said, “We are looking forward to continuing the business going forward and shaping the direction of Slipstream Brewing to align with our long-term vision for the brand. We extend our gratitude to Mighty Craft for their partnership and in supporting us to get to this outcome.”

About Mighty Craft

Mighty Craft is a craft beverage accelerator with a nationally diversified portfolio of craft beverages. It has built a unique infrastructure and distribution offering that enables the company to scale production, distribution and sales as it seeks to become Australia’s leading premium craft beverage Company. Mighty Craft is achieving its vision by strategically investing in craft beverage producers, with celebrated local brands, and providing them with leadership, growth capital and industry solutions to maximise brand awareness and accelerate growth, while achieving scale. Mighty Craft is proud to be taking local Australian craft beer and spirit brands to customers Australia-wide and abroad