Row of stainless conical fermenters seen from the elevated walkway, a figure visible on the grating at the far end

Section 03

The Breweries Themselves

Named breweries, their ownership, their economics and the models that survived consolidation.

7 pieces · Photo: cottonbro studio / Pexels

Exposed roof trusses on a stone building under renovation beside a tall pine tree

Starts here

Tree House and Trillium Built Something You Can Only Get There

Tree House Brewing in Charlton, Massachusetts and Trillium Brewing in Canton, Massachusetts operate substantially as taproom-only businesses — limited or no distribution, high per-pint margins, and demand that sustains multi-hour queues for releases: this piece documents their production figures, taproom capacity and the economic model that makes the constraint deliberate. Profile of a model, not a recommendation.

Long read

Breweries
Stone After the Sapporo Purchase

Sapporo Holdings acquired Stone Brewing in 2022 for a reported $168 million — this piece documents the acquisition price from named filings, what happened to Stone's…
Feature
Breweries
Dogfish Head Inside Boston Beer, Five Years On

The 2019 merger of Dogfish Head and Boston Beer Company (Samuel Adams) was framed as a union of equals — this piece draws on Boston Beer's annual reports and Brewers…
Feature
Breweries
What BrewDog's Filed Accounts Actually Show

BrewDog files annual accounts with Companies House that are publicly readable — this piece works through the most recent set, names the revenue, EBITDA and debt figures…
Feature
Breweries
Cantillon Produces About 2,000 Hectolitres a Year, and That Is the Whole Problem

Cantillon in Brussels and 3 Fonteinen in Beersel are among the most sought-after lambic producers in the world; their combined annual output is small enough that…
Feature
Breweries
Cloudwater and Verdant Are Doing Something the Distribution Numbers Do Not Capture

Cloudwater (Manchester) and Verdant (Penryn) built substantial reputations in the UK independent sector on direct-to-consumer and short-distribution models that HMRC…
Short read
Breweries
Six Breweries With a Certificate No One Else Can Use

The Authentic Trappist Product mark is controlled by the International Trappist Association and may only be used by monasteries that brew within their walls under…
Short read

The Breweries Themselves

Tree House and Trillium Built Something You Can Only Get There

Stone After the Sapporo Purchase

Dogfish Head Inside Boston Beer, Five Years On

What BrewDog's Filed Accounts Actually Show

Cantillon Produces About 2,000 Hectolitres a Year, and That Is the Whole Problem

Cloudwater and Verdant Are Doing Something the Distribution Numbers Do Not Capture

Six Breweries With a Certificate No One Else Can Use