Algoma Capital, a lending arm of Growth Beverage, has closed a strategic transaction with Off Hours Bourbon.
Algoma Capital manages a $100 million fund that provides non-dilutive operating capital to whiskey brands and distilleries.
The company’s loans are secured through hard assets, such as aged barrels and raw distillate, and given on multi-year terms with interest-only payments to support brands through growth.
The investment will support the Bourbon brand’s production capabilities, following increased demand for its products since its launch in 2020.
Jake Ireland, founder and CEO of Off Hours, said: “With Algoma Capital’s expert understanding of the unique needs of the whiskey business and our mission, I am excited to work with them to further grow our operations, enabling more people to enjoy Off Hours Bourbon anytime.
“This collaboration is an important step that will allow us to continue growing rapidly and reach more consumers in the upcoming years.”
The brand’s flagship 47.5% ABV straight Bourbon is aged for five years in American white oak in Indiana.
It also offers a Single Barrel Reserve Program. A recent release, Single Barrel #22, was aged for under six years and is bottled at 47.5% ABV.
Brian Rosen, founder and chairman of Growth Beverage, said: “Jake and the Off Hours team have demonstrated an unparalleled vision for modernising 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.”
The Growth Beverage portfolio also includes private equity firm InvestBev and startup accelerator Sprout Beverage.
Earlier this week the American whiskey industry breathed a sigh of relief as the EU extended its tariff suspension.
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Author: Lauren Bowes