HAMPTON �� Smuttynose Brewing Company, which bills itself as New Hampshire�s top craft brewery, is seeking an immediate buyer. The company is scheduled to be sold at bank auction March 9. Founded in 1994, the company employs 68 people and generates more than $10 million in revenue a year, it says.

The sale includes the Smuttynose brand, its LEED-Gold certified facility on the historic Towle Farm in Hampton, and Hayseed Restaurant located next to the brewery on its 13-acre campus. The brewery is capable of producing 75,000 barrels a year, according to the company. However, in the last year it has been running at 50 percent capacity.

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�The company�s financial models were based on 20 years of consistent growth but the explosion of microbreweries has led to changing dynamics in the marketplace," Smuttynose owner Peter Egelston said. "This dramatic shift occurred just as Smuttynose committed to a major infrastructure investment with the construction of the new production facility. As the turmoil in the marketplace stabilizes, Smuttynose, a trusted brand with strong consumer loyalty, can regain its footing with a major infusion of capital.�

Egelston recently held a staff meeting in which he informed employees of the impending auction: �I reminded them that the company�s most valuable assets are the Smuttynose brand and the people behind it. With the arrival of a new owner, we anticipate a smooth transition as we are committed to continuity.� Egelston stressed the company is open and will conduct business as usual.

�Smuttynose�s strength lies in their dedicated and engaged employees� said Gov. Chris Sununu. �They have been a strong and reliable community partner throughout the years, and I hope the new owners, once determined, will appreciate their hard-working employee base by committing to keeping these manufacturing jobs in New Hampshire.�

Lead lender Provident Bank is managing the auction process, with James R. St. Jean of Epping as auctioneer and Delta Capital of Simsbury, Connecticut, as financial advisors. For details about the March auction visit www.jsjauctions.com.

�Smuttynose Brewing Company has been a valued customer and an important part of our community," said Provident Bank President Chuck Withee. "Provident Bank is committed to working with the company during these challenging financial times to produce the best outcome for everyone involved.�

Egelston, along with partner Joanne Francis, is also owner of the Portsmouth Brewery, a popular brewpub in downtown Portsmouth, which is not part of the sale.

Egelston got his start in craft beer in 1987 as head brewer and co-owner of the Northampton Brewery in Massachusetts, which his sister now solely owns. He founded the Portsmouth Brewery in 1991 and Smuttynose Brewing Company in 1994. Egelston is a philanthropic and environmental leader having served on the advisory boards of the NH Charitable Foundation and Currier Museum of Art. He was recognized with the Humanitarian of the Year Award from the National Share our Strength organization and received the NH Business Review Excellence in Manufacturing Award.

This story from a press release will be updated.