Ian Macleod Distillers Limited (IMD), the independent family-owned whisky distiller, has secured £80 million in committed asset-based debt facilities from PNC Business Credit and Bank of Scotland, completing its refinancing and positioning the business for its next phase of growth.
The facilities include a further £10 million accordion option and have a term in excess of five years.
A KPMG Debt Advisory team led by Bruce Walker advised the company on the inventory-only asset-based debt package.
Founded by Leonard J Russell Senior over 80 years ago, IMD is headquartered in Broxburn, Scotland and operates three distilleries in Tamdhu, Glengoyne and Edinburgh Gin, which it acquired in 2016.
The company is also in the process of reviving Rosebank, the much-revered Lowland single malt. The business undertakes distillation, maturation and bottling, and is internationally recognised with 70 percent of sales being export.
For the year ended September 2016, the Broxburn-based business recorded revenues of £64.7 million and employed 118 people.
The refinancing of IMD, along with strong trading results, positions the business well to deliver its medium-term strategy.
Mike Younger, finance director of IMD, said: “This transaction provides IMD with a platform for growth, provided by a supportive banking club. The role played by KPMG was instrumental in securing the facility on flexible and competitive terms.”
Bruce Walker from KPMG’s debt advisory team, added: “This deal follows a highly competitive market process, reflecting the strength of both the business and the whisky market more widely.”