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Nyetimber finalises Lakes Distillery purchase
English wine producer Nyetimber has completed its acquisition of The Lakes Distillery in a deal that values the whisky maker at £71 million (US$89m).
The deal, which was first announced in April 2024, was finalised on 18 June.
As a result, The Lakes’ directors have resigned from their positions. Nyetimber CEO Eric Heerema and managing director Hans Sleeuwenhoek have been appointed as directors of The Lakes.
The deal values the firm’s share capital at approximately £46.1 million (US$58m).
When the acquisition was first announced, winemaker Nyetimber said it had seen a ‘sizeable opportunity’ for The Lakes to grow its market share in the UK single malt whisky market and expand globally.
Earlier this year, The Lakes announced a 10-year plan to reach a 1% share of the global luxury dark spirits market by 2030.
James Pennefather, CEO of The Lakes Distillery, said at the time of the deal: “This plan entails an additional funding requirement of £10 million [US$12.5m] over the next three years to provide the necessary growth capital to increase production capacity, to further invest in laying down maturing spirit stocks and to grow the brand’s footprint in four international markets.
“The offer by Nyetimber offers the prospect of an owner with the same shared strategic vision and, crucially, certainty of funding.”
The acquisition also marks an ‘important step’ in Nyetimber’s aim to create a ‘globally relevant’ English luxury drinks group.
Heerema believes the purchase “represents an opportunity for us to expand our capabilities, drive exciting new growth and support The Lakes in delivering on its ambition to be a globally recognised spirits brand”.
Located near the Lake District National Park, The Lakes was formed in 2011 and started operations in December 2014. The 11-acre site includes a distillery, visitor centre, shop and bistro.
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