HAMPTON � The Provident Bank bought back Smuttynose Brewing Co. for $8.25 million following a foreclosure auction Friday, but a Portsmouth investor said he is planning to purchase the popular brewery.

Norman Rice said he entered a verbal agreement with Provident Bank in the minutes that followed the 2 p.m. auction at Smuttynose's facility on Towle Farm Road. Provident Bank President Chuck Withee said multiple other buyers also approached him after the auction about buying Smuttynose and that no sale has been made, but Rice spoke confidently of his plans to revitalize the struggling beer company.

"This has been a staple in Portsmouth, and I believe in it," said Rice after Friday's auction. "I believe there's a lot of things we can do to reinvigorate this brand. All the assets are there, all the people are there, all the capabilities are there. It's just, how does it play out?"

The brewery and Hayseed restaurant will continue to operate "business as usual," according to Withee.

The sale will not include the Portsmouth Brewery, also owned by Smuttynose founder Peter Egelston and his partner Joanne Francis. They will continue to operate the Portsmouth Brewery.

Egelston announced the foreclosure auction in January, saying an explosion of microbreweries caused the company�s growth to decelerate, among other factors. The company�s financial models were based on 20 years of consistent growth, he said. It launched on Heritage Avenue in 1994 and opened its current state-of-the-art brewing facility in Hampton in 2014. The sale of Smuttynose included the brand, facility and Hayseed Restaurant also located on the 13-acre Towle Farm campus.

Rice said he hopes to finalize a purchase in the next 55 days, but Withee said multiple buyers will be considered before any sale is announced.

"(Rice) intends to (buy Smuttynose) but there were six others that came up to me, too, so we are going to sort out in an organized, orderly fashion. We'll figure it out from there," said Withee. Asked of an expected sale date, he said, "It really depends on how quickly we can meet with all interested parties and decide."

The auction was held inside Smuttynose's facility against the backdrop of its massive vertical fermenters. Bidding opened at $10 million, each of the eight bidders required to put down $250,000, though the identities were not released. The price dropped to $6 million before the first bid was made.

Rice, the chief operating officer of Extreme Networks, said it is yet to be determined under which of his assets Smuttynose would fall, but he is considering starting a new group strictly to oversee Smuttynose.

Rice said he wanted to purchase Smuttynose as soon as he heard it went on the market, appreciative of the brand being beloved in the Granite State.

"This is a New Hampshire story. We want to keep the brand in New Hampshire," said Rice. "We want to work with it to keep it going, and we're excited about it."

To revitalize the brand, he said, he has to put "focus on the beer drinkers' beers" and shift toward canning. Smuttynose currently has a bottling line, and Egelston said the rise in popularity of cans was a big part of Smuttynose financial struggles.

"What I want to do is focus on the beer ... focus on the brands that have worked well," said Rice, who added he hoped to keep Hayseed as a "showcase" for Smuttynose.

Egelston declined to comment on the sale after the auction, but he and Francis released a statement later in the day saying they were "looking forward to working with The Provident Bank to keep brewing our award-winning beers."

"For 24 years we had the privilege of creating and running a company that employs a devoted group of people and produces amazing craft beer," the statement reads. "Looks like we are going to continue doing that for awhile longer!�

At times, Egelston was visibly emotional as he watched the auction, at one point wiping a tear from his eye. Before the auction began, employees and fans of Smuttynose present gave Egelston and Francis a round of applause at the encouragement of the auctioneer.

If Rice does purchase Smuttynose, he said he would be open to Egelston's input on the brand's future.

"This purchase was completely independent of his involvement. That said, his involvement is more than welcome," said Rice.

Employees said they were hopeful a new buyer will help Smuttynose once again thrive, though most declined to speak after the auction.

Sam Moody, a brewer at Smuttynose, said he had a beer prior to watching the auction take place. He was upset but optimistic when the sale was announced in January, and he said he remains optimistic.

"I don't want this dream to end," said Moody. "I think it's not only Peter's dream, it's kind of all of all of our dreams."

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