Firestone & Robertson Distilling

Industry: Consumer Products

Investment Date: November 2013

Headquarters: Fort Worth, TX

Website: www.frdistilling.com

Investment Overview:

Firestone and Robertson Spirits (“F&R”) is a leading craft whiskey distillery headquartered in Fort Worth.  F&R was founded by Leonard Firestone and Troy Robertson with the vision to create a leading Texas-based spirits company.  F&R was initially capitalized in 2011 and launched its initial brand, TX Blended Whiskey, in June 2012.  The Blended Whiskey is already the top selling Texas-based whiskey and was named “Best American Craft Whiskey” at the 2013 San Francisco Spirits Competition, considered the most prestigious spirits competition in the world.  In addition to the TX Blended Whiskey, F&R has been distilling and aging a Texas straight bourbon since the company's inception.  TX Straight Bourbon was released in December 2016.

 

 Transaction Background:

The co-founders of F&R, Leonard Firestone and Troy Robertson, were interested in expanding capacity and accelerating the company’s growth. Given the long-term requirements to barrel and age bourbon, Leonard and Troy desired a partner who would not be required to exit their investment based on the structural limitations of a private equity fund. After spending time understanding the spirits industry and the success of F&R, Platform was excited to partner with Leonard and Troy to help scale the business. Platform closed our investment in November 2013 with the proceeds primarily used to develop a large-scale distillery to support F&R’s rapid growth. Three years after our investment, Will Parkey, a Platform investment professional, transitioned full-time to serve as F&R’s VP of Finance.