WhistlePig ‘exploring sale’ after buyout interest
Vermont-based rye whiskey producer WhistlePig has invited interested parties to submit a formal bid following takeover propositions, according to reports.
The ‘grain-to-glass’ producer is exploring a sale, but talks are in early stages and may not lead to a deal, Bloomberg has reported.
Should it progress, the activity will add to a raft of recent American whiskey M&A deals as leading spirits firms seek to capitalise on the success of the category.
Volumes of American whiskey – including Bourbon, Tennessee and rye whiskey – grew 6.8% to 21m cases last year, as revenues increased 7.7% to US$3.1bn.
According to The Distilled Spirits Council, American whiskey “still has room to grow” as it “trends back to historic levels of whiskey consumption”.
The Spirits Business has approached WhistlePig for comment.
Earlier this year the whiskey-maker received a US$25 million asset-based line of credit from JPMorgan Chase to increase production at its Vermont site.
In May 2016, board members attempted to remove the brand’s founder, Raj Bhakta, from leadership. The dispute was settled and a new leadership structure was created in which Bhakta remained on the board as founder and chief steward.