The company behind Natterjack Irish Whiskey has raised €5.3 million in fresh debt and equity funding for its continued expansion in the United States, new company documents show.
Gortinore Distillery Ltd, which was founded by hedge fund manager Aidan Mehigan, has raised €1.8 million from existing investor John Green through his Highmark-Gortinore LLC vehicle, based in the US.
Gortinore has also raised $4 million (€3.6 million) in loan notes from TRS Holdings, an entity based in Grand Rapids, Michigan.
The equity funding will go towards financing the operation of the business, while the debt funding will be secured against whiskey stocks the company is acquiring from John Teeling’s Great Northern Distillery in Dundalk.
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As well as producing large volumes of whiskey for the wholesale market, Great Northern also distils and finishes whiskeys for own-brand labels according to their specific requests.
The fundraising is the first new money for Natterjack since it exited examinership in July 2022 after it was hit by restrictions associated with the Covid-19 lockdowns, which hampered its ability to build its own distillery and affected its trading.
The pandemic also put the company into difficulties with one of its backers, private equity firm Cowcub, which is controlled by American businessman Joe Elias.
Cowcub had moved to put Gortinore into receivership related to €1.3 million in loans it had extended to the company over a number of years.
Mr Mehigan instead placed the company into examinership himself, allowing it to restructure its balance sheet and arrange new backing, which it did through Highmark-Gortinore LLC, an entity founded by John Green, a drinks industry veteran.
Mr Green, who had been the executive chairman of Founders Brewing Company from 2007 until 2020, committed to investing €2.97 million in the company, with €1.82 million earmarked to fund a scheme of arrangement with the company’s creditors, and a further €1.1 million for working capital.
Mr Mehigan has since moved to the US to expand the business there, and the company’s board has expanded to include Green and two other experienced industry figures, Stephen O’Neill, a former senior vice-president with Pernod Ricard USA, and Dale Grogan, who has invested in several spirits businesses in the US.
When contacted by The Irish Times, Mr Mehigan said he was excited about the “huge opportunity for the growth of Irish whiskey”.
“If 10 years ago was the most exciting time in Irish whiskey, it’s getting even better and I’m delighted to be a part of it.”
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