CASE STUDY
Applejack
Applejack Wine & Spirits, LLC is one of the nation’s largest independent single-location liquor retailers.
DEAL OVERVIEW
- Sourced opportunity from a proprietary relationship after a failed auction, leading to an acquisition at a below-market EBITDA multiple.
- Hired top-tier industry talent to bolster management team.
Value-Added Involvment
- Hired a full Senior Leadership Team including a Chief Marketing Officer, Chief Operating Officer, and Chief Financial Officer.
- Completed an intense lobbying effort surrounding Colorado state liquor laws to protect existing market position and ensure significant avenues for growth through multiple locations.
- Implemented “institutional best practices” across the company’s policies, procedures, reporting, and insurance and created a succession plan for existing management.
- Installed a bank facility at close to create an efficient and flexible capital structure to enable significant “bulk buys” to reduce cost of goods sold.
- Integrated a new Point-of-Sale system and Net Suite by Oracle as the company’s Enterprise Resource Planning system, which improved operating efficiencies, inventory management, and financial transparency.
- Overhauled Applejack’s marketing efforts, completing a brand refresh, including a new ecommerce-enabled website, an ERP enabled loyalty program, and consistent and frequent live events.
Progress & Impact
- Mantucket realized the investment in July 2018 by selling Applejack to another Denver-based family office.
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Mantucket intentionally keeps and exclusive limited portfolio at any one time to ensure that each of our current partners gets treated like a top priority with extensive access to our team, contacts, and other resources
