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Artisanal Spirits buys US-based Single Cask Nation
(Sharecast News) - Artisanal Spirits Company announced the acquisition of the assets and trade of US-based venture Single Cask Nation on Thursday, effective 3 January. The AIM-traded firm said the move aligned with its goal of expanding its presence in the United States, particularly tapping into the growing American whiskey market.
It said Single Cask Nation, established in 2011 by Jason Johnstone-Yellin and Joshua Hatton, specialises in sourcing, curating and bottling rare single-cask and limited-edition whiskies and spirits, available both online and through select on- and off-premise accounts across the US and international markets.
Johnstone-Yellin and Hatton would remain at the helm of Single Cask Nation, operating from their US offices.
They would receive support from industry veteran Steve Hawley, bringing extensive expertise as the current president of the American Single Malt Whiskey Commission and former vice president of global marketing for Westland Distillery in Seattle.
Hawley was joining the ASC team to facilitate the growth and expansion of its US operations.
The board described the acquisition as a complementary addition to ASC's existing portfolio, with its Scotch Malt Whisky Society (SMWS) brand continuing to focus on exceptional Scotch malt whisky, while Single Cask Nation would shift its focus to American whiskey.
It said the strategic realignment would offer consumers unique, curated and crafted whiskies while enabling the incubation and trial of new product concepts in a cost-effective and low-risk manner, with the potential for future expansion.
Single Cask Nation has an audience of over 10,000 whisky enthusiasts globally, with the United States as its largest market.
ASC said the acquisition included 100% of Single Cask Nation's assets and global operations, with the consideration structured as an upfront payment, potentially augmented by an earn-out of up to $0.5m based on future performance criteria in 2024 and 2025.
The acquisition was financed through ASC's existing debt facilities and was expected to be accretive to earnings per share in its first full year of ownership.
"We are thrilled to welcome Single Cask Nation to the Artisanal Spirits Company, alongside the Scotch Malt Whisky Society and JG Thomson," said chief executive officer Andrew Dane.
"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."
At 1049 GMT, shares in the Artisanal Spirits Company were up 7.84% at 55p.
Reporting by Josh White for Sharecast.com.
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