Hong Kong investor buys 49% of Whisky Hammer
Founders: Craig Milne and Daniel Milne
Online auction site, Whisky Hammer, and its sister retail business Still Spirit, is poised for global expansion after selling a 49% stake of the Scottish family business to a whisky investment group managed out of Hong Kong.
The size of the acquisition by Rare Whisky Holdings was not disclosed but will deliver a 2.6 times return for retail investors who participated in its crowdfunding campaign two years ago.
Whisky Hammer was launched in 2016 by brothers Daniel and Craig Milne who are originally from Macduff, near Speyside.
Rare Whisky Holdings which owns the Glenor Cask Company, holder of 1,000 casks of maturing single malt, blended, and grain whiskies.
The new investment and partnership ensures registered members of Whisky Hammer and Still Spirit will receive exclusive access to a range of cask opportunities for the long-term.
Daniel Milne, managing director of Whisky Hammer and Still Spirit, said: “This is a very exciting time for our business.
“The transaction signifies an important bond with our new Asian partner that will rapidly bring the group to the next phase of growth, and we are incredibly excited about what lies ahead.”
Rickesh Kishnani, co-founder of Rare Whisky Holdings, said: “Our investment group is proud to join the Milne family business and help with their expansion to Asia, where the demand for whisky continues to grow at a rapid pace.
“We are also excited to use this new partnership to provide Whisky Hammer and Still Spirit members with exclusive access to our collection of aged casks.”
Legal support for the transaction was provided by Goodwin Proctor on behalf of the buyer, and by Brodies on behalf of the seller.