EXPONENT PRIVATE EQUITY ACQUIRES LOCH LOMOND DISTILLERY COMPANY ASSETS
Exponent Private Equity (“Exponent”), a private equity firm specialising in UK business investments, today announces the acquisition of the assets of The Loch Lomond Distillery Company for an undisclosed sum.
The Loch Lomond Distillery Company’s assets include the Loch Lomond Distillery at Alexandria, West Dunbartonshire; the Glen Catrine packaging plant at Mauchline in Ayrshire; and the Glen Scotia malt distillery in Campbeltown, Argyll and Bute. The company’s brands currently include the “Loch Lomond” and “Glen Scotia” single malt Scotch whiskies, the “High Commissioner” blended Scotch whisky and “Glen’s Vodka”.
Under the terms of the acquisition, The Loch Lomond Distillery Company’s assets have been acquired by the newly formed Loch Lomond Group, in which Exponent owns a majority stake, with the management team also investing in the venture.
Exponent has a portfolio of businesses ranging across a number of sectors including retail, media and financial services, and specialises in identifying and investing in businesses with strong growth potential working with effective management teams to realise that potential.
The management team at Loch Lomond Group is headed up by Colin Matthews as CEO. Originally from Glasgow, Colin was previously responsible for leading Imperial Tobacco’s businesses in Africa, the Middle East, Asia and the Indian sub-continent.
Former Diageo Chief Financial Officer Nick Rose will chair the new business.
Outlining the rationale behind the acquisition, Colin Matthews explained:
“Loch Lomond, Glen Catrine and Glen Scotia have built a sound business platform with brands that perform well in the UK and in a number of international markets.
“The growth of the Scotch whisky industry in recent years offers a great opportunity to develop further the Loch Lomond business, to refresh and expand the product portfolio, and to move into a number of new international markets building on the excellent progress the company has already made.
“We are delighted to have Exponent as our partner as we embark on this next exciting stage of our development. We have assembled a strong and experienced management team who will work alongside the existing management to take on this challenge and we are confident that together we can fulfill the considerable potential of the new group, its brands and its people in what is a robust and expanding industry.”
Notes:
Advisers on the transaction
PWC and Allen & Overy acted as advisers to Exponent Private Equity; Deloitte and Scotto & Associés acted as advisers to the incoming management team and Loch Lomond Group; HSBC, Brodies and Wylie & Bisset acted as advisers to the vendors
About Exponent Private Equity
Exponent is a private equity firm investing in UK headquartered businesses with an enterprise value of between £75m and £350m. It typically targets companies that are market leaders, have plans for operational improvement, and are in environments in which Exponent can deploy best-in-class management in order to create value. Exponent’s current portfolio includes: Quorn, the UK market leader in meat-alternative foods; Gorkana Group, the leading planning, monitoring and evaluation business for corporates and PRs; and Immediate Media Company, one of the UK’s largest consumer magazines publishers.
About The Loch Lomond Distillery Company
The Loch Lomond Distillery Company’s assets comprise: the Loch Lomond distillery at Alexandria, where it produces a range of both grain and malt Scotch whiskies, and the Glen Scotia malt distillery in Campbeltown. They also include Glen Catrine Bonded Warehouse Ltd, one of the largest independent bottling plants in Scotland, which produces the High Commissioner Scotch Whisky and Glen’s Vodka brands, along with bottling whisky, vodka, gin, rum and brandy for a number of International markets as well as leading private labels.
