The LVMH-backed private equity firm has acquired a 27.9% stake in craft beer brewer Innis & Gunn in return for a $20.3m investment.

L Catterton, the private equity firm co-founded by luxury goods producer LVMH, has paid £15m ($20.3m) for a 27.9% stake in UK-based craft brewery Innis & Gunn, Drinks International has reported.

Founded in 2003, Innis & Gunn produces a range of craft beers sold on its online site and through offline retailers. It recorded a turnover of £14.3m in 2016, and will use the new capital to expand domestically and internationally.

The investment comes after the brewer raised £2.4m in a November 2016 crowdfunding campaign. L Catterton, which will take at least one board seat through the deal, was formed by LVMH, holding company Groupe Arnault and buyout firm Catterton in January 2016.

– Image courtesy of Innis & Gunn Brewing Company Ltd.