The producer of Glen’s Vodka has been snapped up by Hong Kong-based buyout agency Hillhouse Capital for greater than 500 million US dollars (£393 million).
Loch Lomond Group, which additionally makes the Glen Scotia, Loch Lomond, and Littlemill whiskey manufacturers, has been bought following a five-year transformation program to develop the enterprise internationally.
The corporate, which employs greater than 200 folks, was established in Scotland in 1842 and remained household-owned till non-public fairness large Exponent purchased it in 2014 for an undisclosed sum.
It’s understood that the distillery enterprise has been bought for between 500 and 550 million US dollars (£393-£430 million).
Loch Lomond has invested jointly within the progress of its premium whiskey manufacturers and its enlargement abroad in recent times, with greater than 70% of group income now coming from worldwide markets.
The sale to Hillhouse is predicted to drive the growth of its manufacturers throughout Asia, one of many world’s quickest-rising alcohol markets.
The enterprise noticed sales soar 4.6% to £52.9 million in the year to September 2018, whereas working income rose to £781,000 for the interval.
Loch Lomond chief executive Colin Matthews mentioned: “Over the past five years we’re proud to have remodeled the Loch Lomond Group right into a premium worldwide spirits enterprise with an outstanding deal with innovation and a portfolio of award-profitable manufacturers.
Wei Cao, the companion at Hillhouse Capital, mentioned: “Loch Lomond’s rich heritage in Scotch whiskey offers the enterprise a particular benefit as they give the impression of being to new construct on their success the world over, particularly within the more and more discerning Asian spirits market.
Mark Taylor, of Exponent, mentioned: “We’re delighted with the profitable sale to Hillhouse, and we imagine they are going to be nice companions for the enterprise.”