(Alliance News) - Artisanal Spirits Co PLC on Thursday said it had acquired US-based Single Cask Nation to secure "greater presence in the world's largest premium whisky market".
Artisanal is an Edinburgh, Scotland-based distiller of single-cask and limited-edition whiskies and owner of the Scotch Malt Whisky Society.
The acquisition, which includes all assets and operations of the rare whisky curator, is "well aligned with our stated ambition to further grow our presence in the US", Artisanal said.
Artisanal said it will make an unspecified upfront payment, and there is a possibility of a "larger" earn-out of up to USD500,000 depending on performance criteria for 2024 and 2025.
The group said that the acquisition, which expands Artisanal's business in the "world's largest premium whisky market", will build on its "already globally diversified footprint".
The acquisition is expected to be accretive to Artisanal's earnings per share within the first full year of ownership.
Single Cask Nation, which has a current audience of over 10,000 whisky drinkers, will continue to focus on American whisky, while Artisanal's main branch will prioritise Scotch Malts.
Single Cask's founders, Jason Johnstone-Yellin and Joshua Hatton, will continue to lead the business from their US offices.
Artisanal Chief Executive Officer Andrew Dane said: "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."
Shares in Artisanal were untraded on Thursday, last quoted at 50.90 pence each in London.
By Hugh Cameron, Alliance News reporter
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