WhistlePig secures $55m credit to boost productionBy Nicola Carruthers
Vermont-based producer WhistlePig has received a US$55 million line of credit from investment bank JPMorgan Chase to “accelerate” its rye whiskey production.
The credit facility extends its existing US$40m line secured with JPMorgan Chase in April last year. WhistlePig initially gained a US$25m credit line from the US investment firm in May 2017.
The funds will be used to “support all aspects” of WhistlePig’s business. The company is building new warehouse facilities, a move set to increase its in-house storage capacity.
“We’re excited to extend our strong relationship with JPMorgan’s talented credit and beverage banking teams. This credit facility will allow us to further scale our business,” said Alex Roberts, WhistlePig’s chief financial officer.
WhistlePig CEO Jeff Kozak added: “This additional investment comes at an exciting time for WhistlePig. Our company continues to lead the resurgence of the ultra-premium and luxury rye whiskey category, we look forward to continuing to introduce new products and innovate across the category.”
Vernon Studer, executive director at JPMorgan Chase, said: “We were thrilled to provide this latest round of growth capital. We are fortunate to be able to partner with WhistlePig, and help support their continued growth.”
Earlier this month, WhistlePig released one of the final expressions created by late master distiller Dave Pickerell – an “accessible”rye whiskey for cocktails.
In January 2019, WhistlePig sold a minority stake of its business to investment banking firm BDT Capital Partners to expand its international reach.