Investee Company Name: Powerscourt Distillery Limited
Investment Amount: €7m
Industry: Whiskey Distillery and Visitor Centre
Reason for Investment: Working capital & capital expenditure
The Goodbody EIIS Funds have invested €7m in Powerscourt Distillery, to date. The investments have been used by the company to acquire stock, to build a new distillery/visitor centre and to launch a new premium brand internationally.
Powerscourt Distillery Limited identified an opportunity to develop a new premium Irish whiskey brand and distillery based around Powerscourt Estate, which is one of Ireland’s top visitor attractions. The Estate boasts one of the highest waterfalls in Ireland and offers two championship golf courses together, with an internationally acclaimed 5-star hotel & spa resort. The addition of a whiskey distillery producing premium Irish Whiskies adds further depth and character to a location that currently welcomes over 500,000 visitors annually.
The objective of the project is to produce premium Irish whiskey for domestic and international markets. Globally recognised Master Distiller, Noel Sweeney, who was inducted into the Whisky Hall of Fame in 2017 is on board to bring continuity of spirit management prior to and throughout new product release. Alex Peirce, CEO Of Powerscourt Distillery said “Whiskey from Powerscourt Distillery will be recognised for its authenticity and unique taste. We will combine certified mineral water from the Estate with local barley to create something that is extra special. In essence it will be the ultimate Irish whiskey, created from barley to bottle on Powerscourt Estate.” Powerscourt’s strategy will leverage the lessons and expertise developed by key stakeholders through their experience and connections with the Isle of Arran Distillery in Scotland.
“Irish whiskey is experiencing strong worldwide growth and our investment helps to provide the Powerscourt Distillery with a robust capital base. The team behind Powerscourt Distillery has many years of experience selling in international markets and, with Noel Sweeney as Master Distiller, they have one of the most experienced and internationally recognised Irish whiskey experts in the world.” said Stephen McGivern, Partner, Baker Tilly.
The company strategy involves the production of the highest quality new-fill spirit, laying down of stock and the development of international distribution channels for longer term diversified export sales. Target consumers comprise affluent individuals in key local markets of Asia, USA and Europe. “We are delighted to make this investment, which will help Powerscourt Distillery establish itself on the Irish whiskey landscape and to target export markets right from the start.” Mr McGivern added.