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Pronghorn buys into Black-owned Japanese whisky brand
Diageo-backed Pronghorn has added Japanese whisky brand Shinju Spirits to its portfolio of Black-owned businesses.
Shinju Spirits, which owns Shinju Japanese Whisky, announced yesterday that it had successfully closed a strategic investment from Pronghorn Investment Management. It is the first Japanese whisky brand to join the Pronghorn portfolio.
Pronghorn focuses on investing in Black-owned and founded businesses within the spirits industry by granting economic and career development resources. It’s long-term goal is to create a model to diversify any industry that has underrepresented its audience.
The company acquired backing from spirits giant Diageo in 2021, which committed US$100 million based on achievement of key milestones within the 10-year plan.
New capital investment from the US-based company will enable Shinju Spirits to expand production capacity, launch new product offerings, and accelerate the brand’s reach US expansion. It will also enable the business to enhance its marketing and develop its portfolio of premium Japanese whiskies.
Launched in 2019, Shinju is currently available in the US, UK and EU.
Janon Costley, CEO and co-founder of Shinju Spirits, welcomed Pronghorn as the brand’s new strategic partner and investor. He said: “This investment represents a significant endorsement of our vision and capabilities, and it will provide us with the resources and expertise needed to achieve our ambitious growth objectives. We are excited about the possibilities that lie ahead and the opportunity to collaborate with Pronghorn to elevate Shinju Japanese Whisky to new heights of success.”
Pronghorn was co-founded by Erin J. Hall, Dan Sanborn and Dia Simms, the former president of P Diddy’s company Combs Enterprises and chief executive officer of LeBron James’ independent Tequila and mezcal brand, Lobos 1707.
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