Whisky managers pull off Scotland's biggest buy-out
The management team of a whisky distillers has pulled off Scotland biggest ever management buy-out.
It has bought JJB (Greater Europe) from Jim Beam Brands Worldwide for £200m.
The takeover vehicle, Kyndal International, was backed by German bank WestLB and Rotch Property Group.
JJB, formerly the Whyte & Mackay and Invergordon distillery group, has a 9% share of the global market for Scotch whisky.
Its brands include Whyte & Mackay, Dalmore, Isle of Jura and Glayva, plus Vladivar vodka and the cherry-flavoured alcopop Veba.
Chairman and chief executive Brian Megson, who led the nine-strong management buy-out team, says Kyndal could soon be floated on the stock market.
Kyndal employs 760 people and owns five malt distilleries, the Invergordon grain distillery and plants at Grangemouth and Leith.
Jim Beam's parent company Fortune Brands says the sale of JJB (Greater Europe) will allow it to focus on more profitable liquor brands and wines.
It says the transaction will have no effect on the US or international distribution of the Jim Beam portfolio of premium brands. It includes Jim Beam bourbon, Knob Creek small batch bourbon, DeKuyper cordials, vox vodka and Geyser Peak wines.
Fortune Brands says it will also hold a perpetual license in the US to the Dalmore, a premium single-malt whisky.
