InvestBev backs RD1
Private equity firm InvestBev has agreed an eight-figure sum to support the growth of Kentucky-based Bourbon producer Registered Distillery One (RD1).
The financial agreement between the two companies, undisclosed but said to be in the eight-figure ballpark, will be used to support RD1’s ongoing expansion and other steps toward growth.
The Bourbon producer is opening a US$4.8 million distillery and visitor centre in Lexington, Kentucky, this year.
Brian Rosen, general partner at InvestBev, said: “We feel very good about Mike Tetterton and what RD1 is doing. At the root of our thesis is a simple belief: independent alcohol beverage brands deserve access to smart capital and strategic support.
“This agreement is a direct reflection of that mission.”
So far this year, InvestBev has poured almost US$30 million into helping US Bourbon producers through its private credit firm, InvestBev Credit. Its commitment includes agreements with Saga Spirits, Lofted Custom Spirits, and the acquisition of Bourbon barrels in a deal worth up to US$100m.
The funding is intended to help distilleries, barrel owners and brand operators ‘unlock the value trapped in their ageing inventory’.
At the start of year, Rosen told The Spirits Business that there is “no bad year for Bourbon”.
“We chose InvestBev Credit as the best solution for our company”, added Mike Tetterton, founder of RD1.
“They made the process easy and quick. InvestBev is a great partner for this stage of our growth.”
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