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Specialist corporate finance adviser HNH, based in Edinburgh, has provided key financing support to an Irish distillery which has secured a €25m asset-based lending package from PNC Business Credit.
Powerscourt Distillery, based in Co, Wicklow, will use the facility to refinance previous funding and for general working capital as it continues to develop and lay down its inventory of whiskey.
HNH, with its specialist corporate finance advisory expertise, was selected following the successful completion of financing projects for multiple distilleries, including Aberargie Distillery and Clydeside Distillery.
The financing process was led by HNH director Bruce Walker.
Brian Burke, CFO of Powerscourt, added: “We were impressed with the professional management displayed by Bruce Walker and Peter Graham from HNH, and this additional funding will allow us to further increase our production levels.”
Mr Walker, whose firm operates from Charlotte Square in Edinburgh, added: “This deal is a great result for The Powerscourt Distillery and the outcome of a competitive process led locally by the HNH team.
“We were delighted to work with such a high-quality asset with an outstanding management team with a crystal-clear strategic vision. It was also good to work with PNC again, who were able to deliver a compelling proposal based on their clear understanding of the sector and their desire to build a strong relationship with the team at Powerscourt.”
Powerscourt was established in 2016 and began distilling in 2018, currently selling single malt, grain, and blended Irish whiskey under the Fercullen brand.
It released its blended whiskey, Fercullen Falls, in 2022, comprising of whiskey blended at Powerscourt for the first time. In May this year it released the first whiskey fully distilled in Co. Wicklow in 100 years, Fercullen Single Malt.
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