Algoma Capital, Growth Beverage’s lending arm dedicated to supporting whiskey brands and distilleries, just closed a seven-figure strategic transaction with Off Hours Bourbon. The funds will be used to fuel Off Hours Bourbon’s production capabilities, enabling them to reach more drinkers in 2024 and beyond, the company states.
Jake Ireland, Founder & CEO of Off Hours, shared his enthusiasm for the partnership in a news release, “We chose to partner with Algoma Capital on this transaction because the team understands the unique needs of the whiskey business and our mission. They are true partners, and we look forward to working together to grow our operations so that more drinkers can enjoy our bourbon, anytime.”
Founded in 2023, Algoma Capital is part of the Growth Beverage portfolio, a collective of brands dedicated to the adult beverage industry that includes private equity firm InvestBev and startup accelerator Sprout Beverage. Algoma Capital has a $100 million fund dedicated to providing non-dilutive operating capital to whiskey brands and distilleries.
Brian Rosen, Founder and Chairman of Growth Beverage, the parent company of Algoma Capital, also chimed in, stating, “Jake and the Off Hours team have demonstrated an unparalleled vision for modernizing the bourbon experience. We are thrilled to offer an infusion of funds that will help them expand their production capabilities so that more people can experience the Off Hours brand.”