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Stock Spirits buys 25% stake in Dublin Liberties Distillery
Central and Eastern European group Stock Spirits has entered the Irish whiskey category with the purchase of a 25% stake in Quintessential Brands’s Dublin Liberties Distillery Company for up to €18.3 million (US$21m).
Stock Spirits acquires a 25% stake in Dublin Liberties Distillery Company
Quintessential Brands acquired the Dublin Liberties Distillery Company and its €10 million distillery, along with The Dublin Liberties and The Dubliner Irish Whiskey brands in March last year.
The UK-based firm is currently building The Dublin Liberties Distillery in Dublin, which will produce single malt Irish whiskey, and is scheduled to be completed in summer 2018.
Including a €10 million banking facility with Wells Fargo Bank, Stock Spirits’s €28 million investment will be used to complete the construction of the distillery, accelerate advertising and promotion, and to finance working capital and stock maturation.
According to the group, the investment is in line with its strategy to expand its portfolio through strategic investments and bolt-on acquisitions in order to enhance shareholder value.
Quintessential Brands will continue to provide blending and bottling services, as well as sales and marketing support.
Key members of the existing management team, including Darryl McNally, general manager and master distiller; Colin O’Neill, chief finance officer; and Sinead O’Frighil, marketing director; will continue in their current roles. Co-founders Enzo Visone and Warren Scott will remain part of the executive management team.
Scott added: “This investment and partnership with Stock Spirits comes at the beginning of a very exciting next phase of the development for our Irish whiskies.
“We are a brand-led business and both The Dublin Liberties and The Dubliner Irish Whiskey have developed great traction in more than 30 markets with significant potential for further growth and range expansion in the coming years. We are delighted to be working with Stock Spirits, and towards the completion of the Dublin Liberties Distillery which will be a home for the brands and an exciting new visitor experience in the heart of Dublin”.
Mirek Stachowicz, chief executive of Stock Spirits, said: “We have already developed strong whiskey category management capabilities courtesy of our distribution agreements with our agency partners, and see these brands as being highly complementary to that platform.”
“We see significant potential for the brands globally, including in our core markets of Poland and Czech Republic, and are confident that they will complement our strong market positions in vodka, herbal bitters, brandy and limoncello. We are hopeful that this will be the start of a long and fruitful working relationship with Quintessential Brands.”