Griffin Serves as Financial Advisor to Twenty + One Beverage Group in its Growth Equity Capital Raise
Company Overview
Originally founded in Lebanon, PA in 2014, Hidden Still Spirits, the operating entity of Twenty + One Beverage Group, LLC (collectively the “Company” or “Hidden Still”), has grown to become the largest producer of craft straight bourbon whiskey in the state of Pennsylvania. Since its inception, Hidden Still has moved production to the high-traffic tourist location that is Hershey, PA and built its product portfolio to include flagship bourbons, specialty batches, ready-to-drink cocktails, whiskeys, gins, tequilas, rums and vodkas. The Company also has co-branded offerings with Happy Valley United, Pennsylvania State University’s NIL organization, and the Pittsburgh Steelers Stillhouse. In addition to its spirits offerings, Hidden Still operates one of the premier restaurant locations in all of Hershey as part of its holistic branding strategy, which drives additional awareness and customer loyalty to its premium spirits offerings.
Situation
The early success of Hidden Still’s premium spirit products generated increased demand and significant growth opportunities in the form of co-branded offering partnerships, contract distilling requests and new importing and distribution agreements, among others. To capitalize on these opportunities, the founding team of the Company, as well as the board of directors, recognized the need to improve distillation capacity and marketing and sales initiatives. Planned distillery capacity improvement projects include a new column still and bottling line as well as additional product space for aging, storage and bulk within an enhanced rickhouse. Additionally, management viewed investment in marketing and sales as critical for leveraging the additional production capacity by driving increased product sales, and also, for capitalizing on the agreement to serve as importer and distributor for several premium tequila brands based in Mexico.
Solution
Hidden Still engaged Griffin Financial Group as its exclusive financial advisor to provide services in assisting with the Company’s private placement of growth equity capital. Griffin advised Hidden Still on the structuring of the offering in addition to helping to manage the process with the prospective investors. Ultimately, Hidden Still raised the required capital to complete its infrastructure projects ahead of the scheduled final deal closing date at the end of the year.
For more information, contact Thomas Whalen, Senior Managing Director, at 610.205.6115, Glenn Bernabeo, Senior Managing Director, at 610.205.6034, or Christopher Adams, Senior Associate, at 610.205.6016.
