BGF has today announced the exit of its minority investment in Chase Distillery, the owner of Chase GB Gin and the award-winning Chase Original Potato Vodka, after Diageo announced that it has reached an agreement to acquire the spirits portfolio.
The BGF Midlands team originally acquired a minority stake in the business in 2017. The investment was used to support the company’s clear vision of building a globally recognised brand.
Headquartered in Hereford, Chase Distillery is an award-winning, family-owned business that produces sustainable spirits. Founded by entrepreneur William Chase, sustainability and a relentless focus on quality are at the heart of everything the Chase Distillery does. The spirits portfolio is distilled from scratch using British-grown potatoes, apples and all-natural botanicals on the Chase Farm.
Over the last three years, Chase has expanded its global presence in the US, Australia and the UAE. Chase Original Potato Vodka is now served at some of the world’s top bars, as well as sold online and in major shops across Europe.
BGF is also an investor in Warwickshire based Purity Brewing, having backed the business in 2018 with £7.5m growth capital; Cheltenham based Off Piste Wines, which received BGF investment of £8m in 2019 and Renegade Spirits, owner of Waterford Distillery located in the south east of Ireland.
Gurinder Sunner, head of BGF’s Midlands office, said: “We’ve thoroughly enjoyed working with William and the wider team at Chase Distillery. As a British, family-owned business, they have developed a premium product and brand that resonates with its consumers and have been steadfast in their vision for the future.
“The business understands the necessity of quality and care in crafting high-end spirits in a competitive market and our investment has helped to facilitate growth – both in the UK and internationally.”
Andrew Carter, Managing Director at Chase Distillery, said: “We’re excited to be joining the Diageo family. We’ve grown rapidly over the last three years and this acquisition marks the next step on the journey of the brand.
“BGF’s investment played a key role in getting us to this position. They’ve been a supportive backer and their help and expertise has helped to guide the team as we’ve grown internationally and expanded our market reach.”
The acquisition is expected to close in early 2021 subject to regulatory clearances.