Exponent snaps up Scottish distillery

The firm is currently investing its second fund, a £805m vehicle which it raised in 2008.

Exponent Private Equity, a London-based firm, has agreed to buy a majority stake in The Loch Lomond Distillery Company, according to a statement.

Financial details of the transaction were undisclosed. Exponent declined to comment beyond the statement.

The Loch Lomond Distillery Company’s assets include the Loch Lomond Distillery at Alexandria in West Dunbartonshire, the Glen Catrine packaging plant at Mauchline in Ayrshire and the Glen Scotia malt distillery in Campbeltown, Argyll and Bute.

The company’s brands currently include the Loch Lomond and Glen Scotia single malt Scotch whiskies as well as the High Commissioner blended Scotch whisky and Glen’s Vodka.

“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,” the firm’s chief executive officer, Colin Matthews, said in the statement.

The business will be chaired by former Diageo chief financial officer Nick Rose.

Exponent typically invests in UK-headquartered businesses with an enterprise value of between £75 million (€91 million, $125 million) and £350 million.

The firm is currently investing its £805 million second fund, which it raised in 2008. Exponent’s current portfolio includes Quorn, a UK meat-alternative food business, Gorkana Group, a monitoring business for corporates and PRs, and Immediate Media Company, a UK consumer magazines publisher.

PWC and Allen & Overy acted as advisers to Exponent while Deloitte and Scotto & Associés acted as advisers to the incoming management team and Loch Lomond Group. HSBC, Brodies and Wylie & Bisset acted as advisers to the vendors.