• Recently raised USD 18m
• Could look to acquire brands on its own

Tivoli Brewing Company, an investor-owned manufacturer of light beer, has received acquisition interest from large consumer packaged goods companies, said CEO Ari Opsahl.

Founded in 1859, Tivoli is a historic Denver-based brewery. It launched Outlaw, a light beer brand, in 2022. Outlaw’s success has seen the company expand to 46 states, with plans to reach 48 states by the end of the summer. Outlaw is distributed in thousands of retail outlets, including Walmart and Costco.

Opsahl declined to share the company’s financials but said it has around 105 employees. “We have had discussions on inbound conversations that are ongoing,” Opsahl said. “With this order of magnitude that we got to over the last six months, that’s generated some conversations within the industry and outside the industry.”

Opsahl noted, however, that a potential exit is just one option for Tivoli, along with acquiring brands on its own.

“We might say: ‘Hey, you know what? We’re going to go identify a bunch of brands that we think have been left to the wayside. We’re going to go acquire them, and we’re going to have a portfolio.”

Organic growth is still key to the company’s ambitions, Opsahl noted, to provide itself with multiple strategic options going forward. “If somebody showed up to the table with a huge offer, would we take it? Maybe. Right now, it’s just grow, grow, grow, and then it gives us optionality on this strategic vision for the business and the company in 2026 and 2027,” the CEO said.

Tivoli recently raised USD 18m from a small group of high net worth individuals, but the company’s fundraising strategy is slightly unorthodox, Opsahl said.

The company funds the business on an annual budget, with the capital being called quarterly throughout the year after receiving a commitment from the investment group.

Most of the funds will go towards supporting its sales team of around 85 people, Opsahl said.

“From day one of launching the brand, I was a firm believer that we needed our dedicated sales team, and we have to win at the point of purchase,” the CEO said. “If you were interviewing somebody else in the alcohol beverage space, they would say, ‘Man, that guy is out of his mind. You should be doing it all in marketing.”

Tivoli aspires to have nationwide distribution, Opsahl said. The company will continue to deepen its presence in more mature markets like Philadelphia, Florida, Texas, and Colorado. The CEO noted it recently launched in northern California and is planning to expand to southern California.