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InvestBev closes financing deal with Saga Spirits

Chicago-based private equity firm InvestBev has finalised an eight-figure barrel financing agreement with Saga Spirits Group.

True Story whiskey
True Story whiskey is the new brand from Angel’s Envy founder Wes Henderson

This strategic partnership will provide Saga Spirits with additional financial resources to acquire whiskey barrels – both aged and new fill – in support of its newly launched whiskey brand, True Story.

True Story is from the founder of Angel’s Envy and Bourbon Hall of Fame member, Wes Henderson, who serves as Saga Spirits Group CEO.

The agreement, which represents InvestBev’s ongoing commitment to supporting ‘excellence and innovation’ in the spirits industry, is said to mark a ‘significant milestone’ for both organisations.

Saga Spirits chief financial officer Kevin Sachs noted that “working with the InvestBev credit team has been a professional pleasure, and puts Saga Spirits in a wonderful position to start 2025.

“InvestBev Credit represents a wonderful option to barrel owners to work with a team that understands the spirits business.”

In August 2023, Saga Spirits purchased The Kentucky Castle for US$19 million, which is considered an iconic destination in central Kentucky, nestled in the heart of ‘Bourbon country’ near the Keeneland racetrack. It features a boutique hotel and high-end farm-to-table restaurant.

The company also purchased a 150-acre parcel in Versailles, Kentucky, in 2024. Both sites will serve as the future home of its US$92.5m whiskey distillery, as well as an interactive visitor centre, a tasting room and restaurant.

The development is projected to create 89 jobs, paying an average hourly wage of US$38.62.

The new capital will enable Saga Spirits to secure whiskey needed for growth and preserve capital for financing expansion of the facilities.

Brian Rosen, founder and general partner at InvestBev, said the company is “thrilled to partner with Saga Spirits, a beacon of excellence in Kentucky whiskey.

“This agreement reflects our belief in their vision to be the global destination for Bourbon lovers. It also underscores our commitment to fuelling growth within the adult beverage industry. With this deal, we celebrate surpassing US$30m in lending for 2024, and we are well on our way to achieving our US$100m goal for 2025.”

Last week, The Spirits Business shared why Rosen considers the Bourbon sector to be recession resilient.

In addition, it was announced that Emma Watson’s gin brand, Renais, had received £4.95m (US$6.18m) investment, including backing from InvestBev.

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