Northern Ireland-based Titanic Distillers is looking to bolster its international presence after securing a GBP5m (US$6.3m) investment from local fund manager Whiterock.
The funding injection, which comprises an equity investment from Whiterock’s Growth Capital Fund, will also see Whiterock take ownership of an unspecified minority shareholding in the company, according to a spokesperson. The Irish whiskey business plans to use the new funding to expand the existing footprint of its namesake Irish whiskey brand across the UK and Europe, as well as fuel moves into the US and Asia.
The distiller, which is based on the former shipyard in Belfast where the Titanic was built, it will also look to “increase its visibility and sales in the travel retail segment of the market through new partnerships with duty free specialists”, and also to “build on existing success in European markets such as France and Germany by targeting neighbouring countries such as Belgium and Poland”.
“This equity investment will help fund the next phase of growth for Titanic Distillers,” said CEO Stephen Symington. “Whiterock are a fantastic partner to have with us as we put the new strategy into action.”
Titanic Distillers has already reinforced its sales division with two new hires recently, with former Diageo executive Colin Green and the ex-head of Northern Ireland sales for Tennent’s beer at C&C Group, JC Rice, joining the company.
Late last year, Suntory Global Spirits lined up plans to shift the bottling of its Irish whiskey brands to Scotland and Spain. Through its Beam Inc predecessor, SGS acquired Cooley, along with the Connemara, Kilbeggan and Tyrconnell Irish whiskies, in 2011.
