Firestone & Robertson Distilling

Firestone & Robertson Distilling (“F&R”) is an award-winning craft whiskey distillery founded by Leonard Firestone and Troy Robertson with the vision to create a leading Texas-based spirits company.
Consumer Products
Investment date
Fort Worth, TX

Investment Overview

F&R was initially capitalized in 2011 and launched its first brand, TX Blended Whiskey, in 2012. At the time, the Blended Whiskey was 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 2016, F&R released its new product that was aging, TX Straight Bourbon. Whiskey Ranch, F&R’s new distillery, officially opened in 2017. The new distillery, one of the largest west of the Mississippi River, exponentially increased F&R’s production capabilities and serves as a venue for corporate events, weddings and other gatherings.


After six years partnering with the F&R team and fulfilling most of our initial investment goals, it became evident that the next step in the company’s evolution was significant investment in people and infrastructure to support a national sales strategy. We faced the strategic decision of whether to make these investments ourselves or partner with an industry participant who already had this infrastructure and expertise in place. Over the years, F&R was approached by multiple strategic buyers interested in acquiring the company, and this interest accelerated when Whiskey Ranch opened. F&R engaged Nomura Securities to run a limited process with potential strategic partners. Ultimately, Pernod Ricard, the world’s second largest spirits company, successfully acquired the company.

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, Mr. Firestone and Mr. Robertson 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 the founders to help scale the business. Platform closed the investment in November 2013 with the proceeds primarily used to develop a large-scale distillery to support F&R’s rapid growth.