March 3, 2014 – The UK-based private equity firm Exponent has acquired the Loch Lomond Distillery Company from the Bulloch family for an undisclosed sum. The deal includes Loch Lomond Distillery in West Dunbartonshire, Glen Scotia Distillery in Campbeltown, and the Glen Catrine bottling plant in Ayrshire, along with the single malt brands from both distilleries, the High Commissioner blended Scotch brand, and a gin brand.
Exponent will own a majority stake in the new Loch Lomond Group, with the company’s new management team holding equity stakes as well. Former Imperial Tobacco executive Colin Matthews will serve as CEO, while former Diageo Chief Financial Officer Nick Rose will chair the new company. In a news release, Matthews pledged to take advantage of the growth in global demand for Scotch whisky.
“Loch Lomond, Glen Catrine and Glen Scotia have built a sound business platform with brands that perform well in the UK and in a number of international markets. The growth of the Scotch whisky industry in recent years offers a great opportunity to develop further the Loch Lomond business, to refresh and expand the product portfolio, and to move into a number of new international markets building on the excellent progress the company has already made.”
Exponent’s portfolio of companies includes the vegetarian food brand Quorn, Gorkana Group, and magazine publisher Immediate Media. The deal apparently did not include a non-compete clause for Sandy Bulloch, who ran the family-owned business until the sale. Bulloch is launching a new distillery project at Portvadie on Loch Fyne in Argyll, and has applied for planning permission from Argyll and Bute Council. In the meantime, Portvadie is launching two blended Scotch whiskies, Sandy’s Blend and Sandy’s Voyage, according to the distillery’s web site.
WhiskyCast has requested interviews with Colin Matthews and Sandy Bulloch. This story will be updated as more details become available.