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Powerscourt Distillery in high spirits following Goodbody EIIS Fund Investment

Investee Company Name: Powerscourt Distillery Limited
Investment Amount: €4,900,000
Industry: Whiskey Distillery and Visitor Centre
Reason for Investment: Capital Expenditure
The Goodbody EIIS Funds have invested €4,900,000 in Powerscourt Distillery. The investment will be used by the company to acquire stock, to build a new distillery and 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 on the 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 Whiskey 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. According to Alex Peirce, Chief Executive of The Powerscourt Distillery: “Our location is important in that it provides inspiration. The local history, heritage and natural beauty of Powerscourt provide the perfect platform for Noel’s work. We use pure mineral water that has filtered down into the Estate from the surrounding Wicklow hills and we are located close to some of the best barley growing lands in Ireland. Perseverance and patience have long represented the cornerstones to whiskey production and so it seemed fitting to adopt “Fercullen” to introduce to our whiskey story at The Powerscourt Distillery.”The promoters have a good blend of experience and financial resources. 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 Hughes Blake.

The company strategy involves the production of the highest quality new 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.

Construction of the distillery commenced in 2017, the distillery is now built and functional, with distillation having commenced in June 2018. The visitor is currently undergoing final fitout and is expected to open to the public in early 2019.