John Teeling at the Great Northern Distillery in Dundalk
The Teeling family are reportedly in discussions with a number of investors to sell a 20% stake in the Great Northern Distillery in Dundalk for around €5 million.
According to an article in yesterday’s Sunday Business Post, discussions with investors are at an “advanced stage” and could be completed within the next couple of months.
The paper reports that the deal is set to value the company at more than €25 million.
It is understood that any equity investment deal is likely to involve a firm looking to launch a new whiskey, which will be supplied from Dundalk, while also investing in the company.
Currently two months from production, the Great Northern Distillery is looking to sign up clients and will specialise in supplying whiskey to private label brands rather than under its own name. The company is set to have its first whiskey available for delivery in 2017 and last week advertised a number of jobs in the local newspapers.
Entrepreneur John Teeling’s Irish Whiskey Company bought the brewery from Diageo in 2013 after they opted to close the former Great Northern Brewery, which was best known for producing Harp Lager, amongst other brands.
Teeling is the founder of Cooley Distillery, which was bought by US firm Jim Beam for €71 million in 2011.
The deal in Dundalk is separate to the Teeling Whiskey Company, which is owned and run by Teeling’s sons Jack and Stephen and is opening the first new distillery in Dublin in 125 years.
