The rye category has received a big boost.
Premium whiskey brand WhistlePig announced today that it 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 its rye whiskey.
“This credit facility will allow us to further scale our business,” says Alex Roberts, WhistlePig’s CFO. “We’re excited to extend our strong relationship with JPMorgan’s talented credit and beverage banking teams.”
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,” says WhistlePig CEO, Jeff Kozak. “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.”
Most recently, WhistlePig debuted PiggyBack Rye Whiskey to the U.S. market. Several years in the making by WhistlePig’s legendary Master Distiller Dave Pickerell (who sadly passed in November) alongside WhistlePig’s Master Blender, Pete Lynch, PiggyBack comes in at a more accessible price-point that the brand’s other products. WhistlePig will expand and bolster its involvement in events, sponsorships and activations on both a regional and national level, and PiggyBack will also be supported in the market via an all-encompassing marketing campaign, under the tagline “Together We Ryed.”