TIDMART
RNS Number : 5830Y
Artisanal Spirits Company PLC (The)
04 January 2024
4 January 2024
The Artisanal Spirits Company plc
("The Artisanal Spirits Company", "ASC")
The Artisanal Spirits Company acquires US based Single Cask
Nation & provides trading update
ASC further augments its brand portfolio offering exceptional
single-cask and limited-edition whiskies
The Artisanal Spirits Company (AIM: ART), the creator of
outstanding, one-of-a-kind whisky and experiences around the world,
and owner of The Scotch Malt Whisky Society ("SMWS"), is pleased to
announce that it has acquired the trade and assets of US-based
business, Single Cask Nation, effective 3 January 2024.
Strategic highlights
-- Strategically the acquisition is well aligned with our stated
ambition to further grow our presence in the US and, in particular,
to take greater advantage of the sizable and growing American
Whiskey market.
-- Founded in 2011 by Jason Johnstone-Yellin and Joshua Hatton,
Single Cask Nation is an independent bottling brand which sources,
curates and bottles rare single-cask and limited-edition whiskies
and other spirits for sale both online and through specialty on-
and off-premise accounts in the US and other key international
markets.
-- Jason Johnstone-Yellin and Joshua Hatton will remain with the
company and continue to lead the business from their offices in the
US and will be supported by whisky industry veteran Steve Hawley,
current President of the American Single Malt Whiskey Commission
and former VP Global Marketing for Westland Distillery in Seattle,
who has also joined the ASC team to help grow and expand its
business in the US.
-- We are acquiring a US business that is both complementary and
incremental to our existing business. SMWS will continue to focus
on delivering outstanding Scotch Malt whisky, while SCN will
develop a greater focus on American Whiskey. This will not only
give consumers something which they seek, namely interesting,
unique, curated, exquisitely crafted whisky, but also allows us to
incubate and trial new product propositions in a very low cost/low
risk way with the scope to expand in due course, whilst
accelerating our US operations.
-- Today, Single Cask Nation has an audience of over 10,000
whisky drinkers globally, with the US being the largest market for
the business. Single Cask Nation's Purpose and Proposition are also
strongly aligned with those of ASC.
-- Acquisition of SCN builds on ASC's already globally
diversified footprint, and secures a greater presence in the
world's largest premium whisky market.
Transaction details
-- ASC has acquired 100% of the assets and global operations of Single Cask Nation.
-- The consideration is being structured by way of an up front
committed payment, with the potential for a larger earn out of up
to $500,000 payable dependent on future key performance criteria
being met in 2024 and 2025.
-- Consideration funded entirely from the Company's existing debt facilities.
-- The acquisition is expected to be EPS accretive in the first full year of ownership.
-- Helps ASC to achieve stated ambition of creating a high
quality, highly profitable and cash generative, premium global
business.
Trading update
-- Full year results for 2023 remain in line with guidance issued on 8(th) December 2023.
Andrew Dane, CEO of The Artisanal Spirits Company,
commented:
"We are thrilled to welcome Single Cask Nation to the Artisanal
Spirits Company, alongside the Scotch Malt Whisky Society and J.G.
Thomson. This acquisition aligns with our ambition to selectively
expand the portfolio in the significant and growing US market,
while staying true to our core values of captivating a global
community of whisky adventurers with rare and exceptional
bottlings.
"The addition of Single Cask Nation will further our mission to
create a highly profitable and cash generative premium global
business. This is also very much an investment in Jason and Joshua
themselves who have cultivated a global following and stellar
reputation as thought leaders in the world of whisky. Together with
Steve they will bring a tremendous wealth of knowledge, experience
and passion to our business and we're looking forward to welcoming
them and their followers into the wider Group."
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act
2018.
For further enquiries:
The Artisanal Spirits Company plc via Instinctif PR
Andrew Dane, Chief Executive Officer
Billy McCarter, Chief Financial Officer
Liberum Capital Limited (Nominated Adviser Tel: +44 (0) 20 3100
and Broker) 2222
Edward Thomas
Dru Danford
John More
Instinctif Partners (Financial PR) Tel: +44 (0)20 7457
Justine Warren 2020
Matthew Smallwood
Joe Quinlan
Notes to Editors:
About The Artisanal Spirits Company
ASC's purpose is to captivate a global community of whisky
adventurers, creating and selling outstanding, one-of-a-kind whisky
and experiences around the world with an ambition to create a high
quality, highly profitable and cash generative, premium global
business.
Based in Edinburgh, ASC owns The Scotch Malt Whisky Society
(SMWS), Single Cask Nation (SCN) and J.G. Thomson (JGT), as well as
operating a cask storage, bottling and logistics facility in
Scotland. Owning over 17,000 casks primarily comprising Single Malt
Scotch Whisky, ASC's stock includes outstanding whisky (and other
spirits) from 150 different distilleries across 20 countries which
is sold both as individual bottles and whole casks.
Established in 1983, SMWS currently has a growing worldwide
membership of over 40,000 paying members. With an established
global presence in c.30 countries, SMWS operates a
direct-to-consumer model (90% of revenue) primarily through
e-commerce, in addition to four member rooms in the UK. SMWS
provides members with inspiring experiences, content and exclusive
access to a vast and unique range of outstanding, expertly curated,
single cask Scotch malt whiskies.
In January 2024, ASC acquired SCN which sources, curates and
bottles single-cask whiskies and other spirits selling both online
and via traditional retail channels to its following of over 10,000
whisky enthusiasts in the US. SCN also retails to international
markets including the UK, Germany, Sweden, Japan, Israel and
Canada.
Launched in the UK in late 2021, JGT has a focus on outstanding
small batch blended malt whiskies and other spirits, available both
through direct-to-consumer online sales and through traditional
retail channels. The award-winning brand has subsequently expanded
into international markets.
With proven e-commerce reach and a growing family of brands, ASC
is building a portfolio of limited-edition and small-batch whisky
and other spirits brands for a global movement of discerning
consumers - delivering revenue of c.GBP23 million in FY23 with over
80% of revenue generated online, predominantly from outside the UK,
with presence in the other key global whisky markets including USA,
China, Europe, Japan, Australia and Taiwan.
ASC has a pioneering business model, a substantial and growing
addressable market presenting a long-term global growth opportunity
and a strong and resilient business primed to deliver growth.
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