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Scapegrace Distilling Co seeks NZ$8m
New Zealand-based Scapegrace Distilling Company is aiming to raise NZ$8 million (US$4.8m) to complete the second phase of its distillery project.
In June 2022, Scapegrace Distilling Co announced plans to construct a distillery in Central Otago, New Zealand.
Located on Lake Dunstan on the South Island, the new build is set to be New Zealand’s largest distillery, located within an 88-acre plot boasting views of the Bendigo mountains.
The NZ$25m (US$15m) project has completed its first phase, with the second stage to be completed in March 2024.
Scapegrace has also raised NZ$5m (US$3m) as part of its capital raise for the new distillery, with the aim of raising NZ$8m in total. The capital raise will close on 31 October.
The development will increase Scapegrace’s production and enable it to produce single malt whisky.
“This investment is allowing us huge growth as we take our award-winning, distinctly New Zealand products to the world,” said Scapegrace Distilling co-founder Daniel McLaughlin.
“We know our commitment to quality and innovation will continue to drive our success and we’re looking forward to seeing what we can achieve in the next 10 years.”
Scapegrace has sold more than 100,000 nine-litre case sales in 2023.
The company posted revenue of NZ$12.7m (US$7.6m) in the past 12 months, an increase of 30%.
The distillery predicts a 30% sales rise next year.
“We’re really pleased with this strong ongoing year-on-year growth,” McLaughlin continued.
“In February, we’re marking a decade of Scapegrace being in business and we’re really proud of the domestic and international success we’re seeing as we continue to build New Zealand’s reputation as a world-class premium spirits producer.”
The new site will also produce Scapegrace’s current portfolio of premium gin and vodka.
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