Baltimore-based Guilford Hall purchases Flying Fish out of Bankruptcy

February 21, 2024 – Flying Fish Brewing Company, one of New Jersey’s oldest craft beers and the first to sell online, has been purchased out of bankruptcy by Baltimore-based Guilford Hall Brewing, according to bankruptcy filings released this week.

The sale, which included only Flying Fish’s brand and intellectual property, amounted to $152,500. 54 other winning bidders purchased various other assets from the bankrupt company, for a gross amount of $703,693.

Guilford Hall opened in 2021 in Baltimore, Maryland after a three year renovation by owner and real estate developer Stefan Popescu. Popescu owns 99% of Guilford Brewing, while financial planner and partner Richard Craft acts as CEO and owns the remaining 1%.

Flying Fish was founded in 1995 in Cherry Hill, New Jersey by Gene Muller. It was an early adopter of e-commerce, and sold its beer exclusively online in its early days. By the early 2000s it had reached wide distribution and commercial success, and in 2016 it was purchased by private Equity firm Elk Lake Capital.

However, Elk Lake racked up substantial debts in the ensuing years, and by 2023 it owed nearly $10 million in liabilities with only $1.3 million in assets. That year a planned merger was announced with Cape May Brewing, but that deal later fell through. Flying Fish filed bankruptcy soon thereafter.