St Andrews distillery Eden Mill has received a multi-million-pound investment that will help fund its ambitious Fife distillery plans.
Private equity firm Inverleith LLP has acquired a majority stake in the gin and whisky business.
The investment figure or exact stake acquired is not disclosed, but it is understood to be north of £10 million.
The cash injection will help Eden Mill finance its new Guardbridge distillery, an £8m project that will create 40 jobs.
Co-founder Paul Miller will retain a stake and be the drinks firm’s managing director.
He said the investment will allow Eden Mill to expand beyond Scotland.
“We’ll be looking to create a world class visitor experience and build the brand significantly outside of the local area,” he said.
“We’ve a great footprint in Scotland, but we want to build that awareness in the UK and develop the brand into something with a strong presence worldwide.
“From the start our aim was always to add to what the great town of St Andrews and this part of Fife has to offer the world.
“That was always what we set out to achieve and this new investment will really help us do that.”
New Eden Mill distillery
Established in 2012, co-founders Paul Miller and Tony Kelly drew inspiration from St Andrews to create a range of gins.
Eden Mill launched its first limited edition single malt in 2018.
Bottle number one of 300 from the limited release first bottling achieved a record sale of £7,100 through Whisky Auctioneer.
These were the first drops of whisky to be distilled and bottled in St Andrews for nearly 160 years.
For four years, the firm has planned its new distillery at the Eden Campus operated by St Andrews University.
It will include a visitor centre as well as facilities to produce gin, whisky and beer.
The new site will benefit from power and heat generated by biomass plant and field electricity.
The university will also install solar panels on the roof of the distillery, which hopes to be carbon neutral by 2024.
‘A win for everyone’
It is a shareholder in The Scotch Malt Whisky Society, Planet Organic and chocolate firm Montezuma’s.
The fund focuses on businesses with revenues of between £5m and £30m, and a target investment level of between £5m and £15m.
Mr Miller said Inverleith is a “perfect fit” for Eden Mill as an investment partner.
He said: “For them it wasn’t just investing money, it was investing their capability as well as a leadership team.
“It’s really helped us realise my vision from 10 years ago when we started. It’s a win for everyone.”
Inverleith managing partner Paul Skipworth said: “Having worked closely with St Andrews University to secure a site on its sustainability campus, St Andrews has one of the most exciting futures within premium gin and whisky.
“As a team, we have a long heritage in the development of premium spirits, both operationally and as investors.
“We will be a strong partner for Paul Miller and the wider Eden Mill team over the coming years.”