Read on Twitter
finally, a new CEO at $SAM (former CEO at Peet's Coffee) http://www.bostonbeer.com/news-releases/news-release-details/boston-beer-company-names-dave-burwick-president-and-ceo
Jim Koch on why it took so long to hire a current board member to be CEO https://www.brewbound.com/news/boston-beer-founder-jim-koch-discusses-new-ceo-hire
Outgoing $SAM CEO interview with WSJ https://www.wsj.com/articles/meet-the-man-who-helped-craft-a-brewers-rise-1532689201
IMO, pro-innovation culture at $SAM allowed it to capitalize on cider and spiked sparkling water trends before others. Goes back to Tillinghast's saying that you only need to right on culture once
IMO, pro-innovation culture at $SAM allowed it to capitalize on cider and spiked sparkling water trends before others. Goes back to Tillinghast's saying that you only need to right on culture once
$SAM patience+discipline in craft beer acquisition of Dogfish
1 Paid 2.5x rev ($300M) vs $STZ Ballast Point deal ($1B) at 9x rev
2 Founders roll equity into $SAM stock
3 Deal premised on rev synergies via distribution expansion, not cost/cutting sales
https://www.brewbound.com/news/boston-beer-company-and-dogfish-head-agree-to-merge-in-300-million-deal
1 Paid 2.5x rev ($300M) vs $STZ Ballast Point deal ($1B) at 9x rev
2 Founders roll equity into $SAM stock
3 Deal premised on rev synergies via distribution expansion, not cost/cutting sales
https://www.brewbound.com/news/boston-beer-company-and-dogfish-head-agree-to-merge-in-300-million-deal
Interview w/ $SAM and Dogish CEO https://finance.yahoo.com/news/sam-adams-founder-jim-koch-says-the-dogfish-head-merger-is-about-more-than-beer-144555945.html
1. Koch mentioned Dogfish brings a great 'beyond beer' portfolio
2. Realized Dogfish has a spirits portfolio w/ gin, rum, whiskey; could be next stool of growth after cider, seltzer, tea (FMCG)
https://www.dogfish.com/distillery/spirits
1. Koch mentioned Dogfish brings a great 'beyond beer' portfolio
2. Realized Dogfish has a spirits portfolio w/ gin, rum, whiskey; could be next stool of growth after cider, seltzer, tea (FMCG)
https://www.dogfish.com/distillery/spirits
Hard seltzer-$500M market; but grows 190% Y/Y
Rides secular trends: health & sparkle ($FIZZ)
One thesis for $SAM was its culture gave longer leash on new product work vs large CPG who require data 1st (by then it's too late): made Truly & Angry Orchard
https://fortune.com/2019/05/31/hard-seltzer-drinks-rose/
Rides secular trends: health & sparkle ($FIZZ)
One thesis for $SAM was its culture gave longer leash on new product work vs large CPG who require data 1st (by then it's too late): made Truly & Angry Orchard
https://fortune.com/2019/05/31/hard-seltzer-drinks-rose/
Sold some $SAM thinking covid quarantine would hurt on-premise sales
Instead, hard seltzer growth accelerated during covid
Seltzers up 330% Y/Y. Gained 2.5% share in beer market. https://www.brewbound.com/news/nielsen-alcohol-sales-slow-in-off-premise-retailers-for-week-ending-march-28
Instead, hard seltzer growth accelerated during covid
Seltzers up 330% Y/Y. Gained 2.5% share in beer market. https://www.brewbound.com/news/nielsen-alcohol-sales-slow-in-off-premise-retailers-for-week-ending-march-28
On-premise lower % of #alcohol sales in US (20%) vs. in Europe (50%) for $DEO
Covid's impact on alcohol: e-comm penetration going up from 2%(!) to 8%
https://www.wsj.com/articles/coronavirus-closed-the-bars-america-stocked-the-liquor-cabinet-11586511001?mod=searchresults&page=1&pos=1
Covid's impact on alcohol: e-comm penetration going up from 2%(!) to 8%
https://www.wsj.com/articles/coronavirus-closed-the-bars-america-stocked-the-liquor-cabinet-11586511001?mod=searchresults&page=1&pos=1
The big get bigger in hard seltzer world:
Category: +260% Y/Y (now $2B)
White Claw: +324% Y/Y
Truly ($SAM) : +190% Y/Y https://twitter.com/TSOH_Investing/status/1265317281493651461?s=20
Category: +260% Y/Y (now $2B)
White Claw: +324% Y/Y
Truly ($SAM) : +190% Y/Y https://twitter.com/TSOH_Investing/status/1265317281493651461?s=20
Sold some of my $SAM position in Apr, thinking their on-prem biz (30%) would evaporate + drag down growth
Nope, growth accelerated to 40%+ Y/Y powered by Truly.
Q remains abt durability of consumer shift + competition
http://www.bostonbeer.com/news-releases/news-release-details/boston-beer-reports-second-quarter-2020-results
Nope, growth accelerated to 40%+ Y/Y powered by Truly.
Q remains abt durability of consumer shift + competition
http://www.bostonbeer.com/news-releases/news-release-details/boston-beer-reports-second-quarter-2020-results
CEO of $SAM says hard seltzer shift is analogous to light beer shift in 1970s
Larger trend of wellness, variety seeking (taste) and premiumization
Also says established brands benefiting from pandemic (aligns w/ what other CPG saying) https://www.cnbc.com/2020/07/24/boston-beer-ceo-says-hard-seltzer-is-biggest-shift-since-light-beer-as-companys-stock-soars.html
Larger trend of wellness, variety seeking (taste) and premiumization
Also says established brands benefiting from pandemic (aligns w/ what other CPG saying) https://www.cnbc.com/2020/07/24/boston-beer-ceo-says-hard-seltzer-is-biggest-shift-since-light-beer-as-companys-stock-soars.html
Great thread on White Claw history and founder (Anthony von Mandl of Mark Anthony Group)
$SAM said Truly's 41 pt gap to White Claw has narrowed to 15 pt share gap https://twitter.com/digitallynativ/status/1285981289984733184?s=20
$SAM said Truly's 41 pt gap to White Claw has narrowed to 15 pt share gap https://twitter.com/digitallynativ/status/1285981289984733184?s=20
