Online platform Primary Markets is conducting a “AUD $25 million equity book-build” with a “minimum investment $500,000” for Sydney Rum Distillery, which wants to open the world’s most advanced rum distillery in 2019.
According to AAP, Sydney Rum Distillery managing director Chris Middleton says the company has identified potential sites and equipment to purchase.
“Our goal is to create exciting, modern brands to market premium Australian rum to a fast growing international consumer,” he says. “We are seeking like-minded investors to realise this ambition.”
The listing on Primary Markets states that the “well-recognised, leading edge Australian manufacturing venture” is offering the opportunity to invest in “the most technically advanced and versatile distillery ever built to produce premium quality rum for the world”. It goes on to state that “the equity raising will fund planning and site acquisition, plant installation, project and product management, governance and technical expertise”.
Middleton, who previously worked as a brand director at Jack Daniels, to AAP that the Sydney Rum Distillery was forming a research and development partnership with a university and working on a plan to distribute the rum to international markets.
“Sydney Rum Distillery will be the most advanced and versatile distillery in the world using new all-natural research and development processes to produce rums of extraordinary new sensory standards,” he says.
The distillery will join a swathe of local craft distilleries already producing internationally awarded rums, such as The Hoochery from WA, as well as fellow Sydney distillery Archie Rose (pictured), whose owner Will Edwards announced that the company was on its way to adding a craft rum to its portfolio.
According to the company listing, “new momentum has been building in the premium segment which is growing at a rate of 15 per cent pa in developed markets”.