WhistlePig, a distiller of ultra-premium and luxury rye whiskey, has received a $55 million revolving line of credit from JPMorgan Chase, extending the existing $40 million line with JPMorgan Chase, which was received in April 2018. The credit facility will provide the company with incremental funding to accelerate the production and aging of premium rye whiskey.
“We’re excited to extend our strong relationship with JPMorgan’s talented credit and beverage banking teams. This credit facility will allow us to further scale our business,” said Alex Roberts, WhistlePig’s chief financial officer.
The credit facility will support all aspects of WhistlePig’s business, in addition to increasing the company’s production capabilities. The company is building new warehouse facilities, which will increase its in-house storage capacity.
“This additional investment comes at an exciting time for WhistlePig. Our company continues to lead the resurgence of the ultra-premium and luxury rye whiskey category, we look forward to continuing to introduce new products and innovate across the category,” says WhistlePig CEO, Jeff Kozak.
Most recently, WhistlePig debuted PiggyBack Rye Whiskey to the U.S. market. Several years in the making by WhistlePig’s celebrated Master Distiller, Dave Pickerell, alongside WhistlePig’s Master Blender, Pete Lynch, PiggyBack comes in at a more accessible price-point. WhistlePig will expand and bolster its involvement in events, sponsorships, and activations on both a regional and national level. PiggyBack will be supported in the market via an all-encompassing marketing campaign, under the tagline “Together We Ryed.”
”WhistlePig has been a valued partner since 2017. We have had the opportunity to work closely with management, understand their needs and find solutions to best achieve their goals,” said Vernon Studer, executive director at JPMorgan Chase. “Given our robust industry expertise and Investment Banking coverage, we have become a trusted partner, while providing treasury services and ongoing working capital support. We were thrilled to provide this latest round of growth capital. We are fortunate to be able to partner with WhistlePig, and help support their continued growth.”