Amalgamated Capital (AmalCap), the New York-based leveraged finance division of Amalgamated Bank, announced that it has closed on a three year, asset-based senior secured revolving line of credit to WhistlePig LLC (WhistlePig). Proceeds of the credit facility will be used to fund ongoing working capital and help give WhistlePig the flexibility and support to continue to grow their business.
“WhistlePig is a great success story in the developing craft spirits industry. We were excited about the prospect of helping a small business meet their financial needs, and after hearing the management’s plans and tasting the whiskey, the AmalCap team wanted to get involved. It took some ‘outside the box’ thinking to structure the transaction, but it’s that creativity that gives us the ability to provide solutions for our customers,” said Robert Love, executive vice president and head of Amalgamated Capital. “We are proud to partner with the growing company to support their changing needs as they continue to make strides from start-up to established.”
WhistlePig is the company behind WhistlePig Straight Rye Whiskey, the recipient of the highest rating for a rye whiskey by Wine Enthusiast magazine and praise from the Wall Street Journal, Huffington Post, Martha Stewart Living, and Sports Illustrated. Based in Shoreham, VT on a 500-acre farm, each batch of WhistlePig Straight Rye Whiskey is carefully aged for ten years before being bottled by hand and sent out for responsible enjoyment.
“The Amalgamated Capital management team took the time to familiarize themselves with our industry and really understand our specific needs. We had discussions with a number of lenders, and found that Amalgamated’s personal
attention made them the obvious choice to be our partner,” said Raj Bhakta, founder of WhistlePig LLC.
Amalgamated Capital is the leveraged finance division of Amalgamated Bank. AmalCap provides asset-based financing to individual companies as well as asset-based and cash flow-based senior secured financing to support investments made by private equity sponsors in lower middle-market companies across the United States.