Blue Run Spirits Joins ‘Industry-First’ Barrel Financing Program to Boost Financial Flexibility, Maintain Ferocious Growth
On Tuesday, Blue Run Spirits announced a strategic multi-year agreement with Truist Financial Corporation to finance company growth and acquire barrels from third-party whiskey partners and contract distillers.
Blue Run is the first company to access Truist’s new asset-based barrel financing program which provides Blue Run with “an incredible amount of financial flexibility” to purchase barrels, Blue Run said in a news release.
As Blue Run’s whiskey ages and rises in value, its barrels can be independently appraised, allowing the company to access more capital.
“Our industry-first barrel lending program allows for a complete paradigm shift for ascendant spirits companies like Blue Run to approach funding and growth through an entirely new lens,” Joe Goode, Truist beverage industry manager, said in a news release. “Our innovative program helps spirits companies and brands leverage the value of their barrels to finance their businesses without raising equity or expensive private debt solutions.”
Blue Run released its first barrel-proof rye whiskey this month.
“Truist presented us with a holistic program that will help Blue Run grow across the board by providing flexibility and increased opportunity,” said Mike Montgomery, cofounder and CEO of Blue Run Spirits. “By providing funding for the company to continue scaling while fulfilling demand, this deal will allow Blue Run to grow at a rate and pace to match our exponential annual growth projections.”
In August, Blue Run announced plans to build a $51 million distillery in Kentucky.
Here at Whiskey Raiders, we do more than write about current events in Whiskey. We are the only media property reviewing whiskeys and aggregating the scores and reviews of other significant voices in the whiskey world in one place. We also scour the internet daily in search of the best whiskey deals out there. If you’re interested in having a great whiskey deal and the latest news and reviews delivered to your inbox each morning, sign up for our Daily Deal Newsletter!