Lending partners provide RNDC with financial boost
Republic National Distributing Company (RNDC) has received ‘significant additional financing’ from unnamed lenders.
The company is the second-largest alcohol distributor in the US.
Last week, RNDC confirmed it was in talks with Reyes Beverage Group, the biggest beer distributor in the US, to sell its operations in seven US markets, including Illinois and Florida.
This followed the distributor’s exit from one the US’s biggest spirits markets in California last year, from 1 September, which left many small producers in limbo and put jobs at risk.
In a statement, RNDC said the new funds would go towards supporting its operations as it aligns its organisational structure, operational capabilities, and portfolio focus to ‘ensure executional excellence’.
President and CEO of RNDC Marc Sachs, said: “We are pleased to have the continued support from our lending partners as we deliver against our priorities and pursue opportunities that strengthen our business and our role in the industry.
“We are committed to ensuring our business remains a strong, profitable, and valuable partner to all we serve, including our suppliers and customers.
“We are grateful for the patience and cooperation of our suppliers, the trust our customers place in us every day, and the dedication of our associates who deliver in the marketplace.”
The Spirits Business reached out to RNDC to confirm the amount of funding secured, what it will specifically be used for, and the names of its new lenders. RNDC said it has no further comment at this time.
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