New documents reveal that Gortinore Distillery Ltd, the undertaking behind Natterjack Irish Whiskey, has successfully procured €5.3 million in equity and debt funding to support its ongoing growth in the United States. The distillery was founded by Aidan Mehigan, a hedge fund manager.
Existing investor John Green, through his US-based venture Highmark-Gortinore LLC, has injected an additional €1.8 million into the business. Furthermore, loan notes totaling $4 million (equivalent to €3.6 million) have been granted by TRS Holdings, a business located in Grand Rapids, Michigan.
The newly accrued equity funding is intended to finance day-to-day business activities whereas the debt is to be secured against whiskey stocks being purchased from John Teeling’s Great Northern Distillery, based in Dundalk.
Great Northern Distillery is not only a large-scale producer of whiskey for the broader market but also tailors whiskeys for other brands as per specific requirements.
Since Natterjack’s exit from examinership in July 2022 post Covid-19 restriction impacts, this is the first significant fundraising initiative. The pandemic restrictions hindered Natterjack’s plans for its own distillery and interfered with trade, leading to clashes with backer Cowcub, a private equity firm overseen by US businessman Joe Elias.
The €1.3 million loans previously extended by Cowcub to Gortinore over the years had prompted Cowcub to push for placing Gortinore into receivership. Mehigan responded by initiating examinership, allowing the company to reshuffle its finances and secure new financial backers, which he achieved via Highmark-Gortinore LLC, John Green’s venture. Green, a veteran in the drinks industry, has pledged an investment of €2.97 million, out of which, €1.82 million will be allocated for a scheme of arrangement with creditors while €1.1 million will be allotted for operating expenses.
Mr Mehigan has relocated to the United States with the aim of enlarging the firm’s footprint there. Additionally, the organisation’s management has seen an expansion, with Green and two other seasoned professional from the sector joining, namely Stephen O’Neill, an erstwhile senior vice-president at Pernod Ricard USA, and Dale Grogan, an investor in various US spirits enterprises. On speaking to him, Mr Mehigan expressed enthusiasm about the considerable potential for Irish whiskey’s expansion. He stated, “If the past decade was the most thrilling period for Irish whiskey, the excitement is only escalating, and I’m thrilled to experience this journey.”