Irish whiskey producer Sliabh Liag Distillers has teamed with start-up Ferovinum, booking EUR15m (US$17.5m) of working capital support in the process.
The two businesses confirmed the arrangement earlier this week. London-based Ferovinum, which combines the provision of capital with supply chain support for alcohol producers, has marked its debut in Ireland as a result of the deal.
The funds, which are secured against the Donegal-based distiller’s maturing stock, “represent an opportunity to drive diversification and scale”, according to co-founder James Doherty (below).
“Ferovinum’s model isn’t just about sales projections,” Doherty continued. “They’ve recognised the authenticity and quality of what we’re producing. That gives us peace of mind, knowing our foundations are robust, so we can focus on building the business, telling our story, and driving growth. ”
Two months ago, Ferovinum, which commenced trading in 2018, received backing to the tune of $550m from private capital asset manager Pollen Street Capital and an unnamed “leading” investment bank.
