BGF sells stake in Chase Distillery

The deal is expected to close in early 2021.

BGF acquired a minority stake in Chase Distillery in 2017. The company planned to establish an international presence and has expanded its sales to the US, Australia and the UAE during BGF's investment period.

BGF generally invests £1-10m in UK-based companies, acquiring minority stakes. The GP has invested in a range of food and beverage assets, including Off Piste Wines and Renegade Spirits.

Company
Founded in 2008 and based in Hereford, Chase Distillery produces seven gins and four types of vodka, as well as an elderflower liqueur. It reported revenues of almost £17m in 2018, compared with £9.3m in 2017, according to the company's accounts. It generated profit of £1.2m in 2018, compared with £29,500 in the previous year.

People
BGF – Gurinder Sunner (head of Midlands office); Joanne Smith (investor).
Chase Distillery – William Chase (founder, chairman); Andrew Carter (managing director).
Diageo Great Britain – Dayalan Nayager (managing director).

Advisers
Vendor – Rothschild (corporate finance); Gately (legal); KPMG (tax).

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• Topics
• Exits
• UK / Ireland
• Consumer
• Trade sale
• United Kingdom
• BGF (Business Growth Fund)