Smuttynose Brewing is being put up for auction

The sale includes its facility on the historic farm in New Hampshire.

In this Thursday, Nov. 16, 2017 photo a customer returns a keg at the state-of-the-art, energy efficient Smuttynose Brewery in Hampton, N.H.  The brewing facility includes solar tubes that allow more natural light into the brewery and a high-tech milling system that gets more yield out of the malted barley. (AP Photo/Robert F. Bukaty)
A customer returns a keg last November at the state-of-the-art, energy efficient Smuttynose Brewery in Hampton, New Hampshire. –Robert F. Bukaty / AP

HAMPTON, N.H. (AP) — A 24-year-old New Hampshire microbrewery is seeking a buyer, saying the explosion of competition has led to changing marketplace dynamics.

Smuttynose Brewing Co. says it’s scheduled to be sold at a bank auction on March 9. It employs 68 people and generates more than $10 million in revenue annually.

The sale includes the Smuttynose beer brand, its facility on the historic Towle Farm in Hampton and a restaurant located next to the brewery.

Smuttynose says the brewery is capable of producing 75,000 barrels a year. However, in the last year it has been running at 50 percent capacity.

Owner Peter Egelston says the company’s financial models were based on 20 years of consistent growth. He said as the marketplace stabilizes, Smuttynose can regain its footing with a major infusion of capital.