The Macallan has formed a partnership with the owners of three businesses it notes are “renowned for the production of Spanish sherry seasoned oak casks”, taking a 50% equity stake.
The single malt Scotch whisky business, owned by Glasgow-based Edrington, said the partnership secures “a sustainable supply of the highest-quality European oak casks, underlining the brand’s pursuit of incomparable craftsmanship and whisky mastery”.
Under the terms of the partnership, the Tevasa cooperage in Jerez and its sister businesses, Forestal Peninsular and Forestal Peninsular de Cantabria, which operate sawmills in Lugo and Cabezón de la Sal, will come together to form a new company called Tevasa Forestal Group. The Macallan will own 50% of the share capital of Tevasa Forestal Group.
Edrington said: “The joint venture will complete a quartet of major investments over the past two years, which will give The Macallan the deepest involvement of any Scotch whisky company in the production of the finest sherry-seasoned casks.”
Igor Boyadjian, managing director of The Macallan, said the partnership with Tevasa Forestal Group will further strengthen the sherry cask supply chain, which is “critical to the quality of the brand’s whisky”.
Mr Boyadjian said: “The Macallan has always gone to extraordinary lengths to ensure that our single malt Scotch whisky is matured in the finest-quality sherry-seasoned oak casks. The joint venture will complete a series of investments that will give us an unparalleled level of ownership in the production process of sherry-seasoned casks.”
He added: “Our partnership with Tevasa Forestal Group is a significant moment for The Macallan as we continue to invest in the craft and mastery of our exceptional product. Tevasa has been a longstanding supplier, crafting the finest European oak casks from Forestal Peninsular staves in which to mature The Macallan.”
Mr Boyadjian noted the latest partnership, along with The Macallan’s other investments recently in Jerez in Spain and Ohio in the US, showed the brand’s “commitment to the craftsmanship” in its sherry cask supply chain.
In March 2023, The Macallan acquired 50% of Grupo Estévez and its Valdespino sherries, wines and aperitifs, vineyards and bodegas.
In September 2023, it acquired the Vasyma cooperage in Jerez, which specialises in crafting American oak casks. It also in September 2023 entered a joint venture with Coopers Oak, a specialist sawmill in Ohio which is a longstanding provider of American oak staves to Vasyma.
Paul Hyde, chief financial officer of Edrington, said: “Tevasa, Forestal Peninsular and Forestal Peninsular de Cantabria have been much-valued partners of The Macallan for over four decades and, thanks to the craft and skill of its people in Jerez and northern Spain, they have delivered outstanding quality casks for the brand.
"We are looking forward to working more closely than ever as we focus on continuing the excellence and innovation that is the hallmark of The Macallan single malt Scotch whisky.”
Mr Boyadjian said: “As we celebrate The Macallan’s 200th anniversary, this further expansion of our supply chain will ensure our reputation for richness and complexity for generations to come.”
Edrington noted Forestal Peninsular was founded in 1958 by Miguel and Teodoro Fdez. Montes, Juan Garriga and Narciso Fdez. Prieto, adding: "It operates two sawmills in Lugo and Cantabria which source oak from forests in northern Spain and southern France and produce European oak staves for casks. It is currently led by Narciso Fdez. Iturrospe and Camilo Fdez. Alonso.
"The company established the Tevasa cooperage in Jerez in 1983, specialising in producing the highest-quality European oak casks for the maturation of Scotch whisky, sherry and brandy."
Edrington added that "expertise will be retained through the ongoing leadership of Narciso Fdez. Iturrospe and Camilo Fdez. Alonso and their existing management teams".
Mr Fdez. Iturrospe said everyone at Tevasa, Forestal Peninsular and Forestal Peninsular de Cantabria is delighted to be forming a joint venture with The Macallan.
He added: “Tevasa and The Macallan have worked together for over 40 years sourcing and crafting the finest European oak casks to help make this incomparable whisky."
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