Relative Performance of Privately Held Companies
Commercial Spirits Intelligence No.108
This newsletter is a collaboration between Duncan McFadzean of Noble & Co, and Martin Purvis. In this newsletter we leverage our experience, contacts and market intel to provide meaningful analysis that speaks to relevant issues for you.
This week we look at four of the largest privately held whisky companies. As with all private companies, disclosures and complex group structures limit the analysis versus publicly listed companies, however, there are clear trends to draw out. We analyse Edrington, Wm Grant & Sons, CVH & Ian Macleod and their relative performance over the last decade.
Who has grown fastest? Who lagged? What level of profitability has been achieved and what trends have we seen recently? What has happened to revenue per case? We talk about Macallan and we consider the impact of Grissan. The past is not a guarantee of the future but we believe the benefits of premiumisation come through in these figures.