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Across the industry, beverage alcohol brands are looking to sure up their long-term prospects by investing along the lines of high-growth categories.  So when cult favorite whiskey brand Ole Smoky decided it was time to invest in their future, they didn't have to look much further than high-flying tequila maker Tanteo Spirits. On this episode, Neil Grosscup, President of Tanteo Spirits, joins the Park Street Insider Podcast to share his experience in the spirits industry and the development of Tanteo up through the point of sale.

Grosscup will share key insights about: 

Managing a Successful Career Arc

• If you go from being an unpaid intern to CEO of a spirits brand in less than four years, chances are you're doing something right. Grosscup's story is a reminder that with passion and hard work, there are many paths to success in beverage alcohol.  

How to Win Over Retail Accounts

• Tanteo's hyper-focused approach to winning over bartenders was part of the reason they were able to develop the brand into an attractive investment. Grosscup will explain the methods they used when doing in-market visits to attain menu placements and drive sales. 

Overseeing A Sale and Merger 

• Grosscup gives listeners an inside look at the decision-making process leading up to Tanteo's sale to Ole Smoky and what owners should look out for when undergoing a merger.  

In this episode you'll hear from:

Neil Grosscup, President, Tanteo Spirits
 
Mentioned in this episode:

Tanteo Tequila
Ole Smoky

2023 Craft Spirits Data Project - Distillers Survey

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Consumers aren’t all alcohol connoisseurs; many rely on labels to inform their in-store purchase decisions. In this Essential Talk, Cole Clark,  President of AmygdaLaunch, wants to help brands optimize their approach to labeling to help drive purchase decisions.  Clark discusses the implications of label data and how beverage alcohol brands can interpret the findings.
 
In this episode, you'll hear from:

Cole Clark, President, AmygdaLaunch 

You'll hear key insights about:

• The key factors for how successful labels can help drive purchases.  Clark dives into the importance of assessing data on different label aspects to ensure success using descriptive terms, color combinations, and contrast. Ultimately, he wants brands to create a  label that reflects the values of their target consumer.   
  
  
•  How certain labels perform given seasonality factors. Clark investigates a case study from a major wine supplier that noticed a stark change in label preferences based on the time of year.

 
Mentioned in this episode:

AmygdaLaunch

2023 Craft Spirits Data Project - Distillers Survey

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We're thrilled to release our Impact Investment seminar recorded at Bar Convent Brooklyn 2023. On the Park Street University stage, Emily Pennington sat down with some of the leading impact investors for a high-level discussion about what they're doing to make a positive social impact while boosting their bottom lines in the spirits industry. 

In this episode you'll hear from:

Jomaree Pinkard, CEO & Managing Director, Pronghorn
Kamuti Kiteme, Managing Director - Inclusive Investment Programs, Distill Ventures
Maria Pearman, Principal, GHJ
Andrew Merinoff, CEO, Chinola & DisPact Ventures
Katie Dunn, Partner, Power to Pitch

You'll hear critical insights from impact investors about:

The intersection of impact investments and mentorship

• While some investors issue checks and track their investments from the sidelines, our contributors make a case for a hands-on approach to investing that builds sustainable long-term partnerships. 

Balancing ROI and altruism

• Impact investors from Distill Ventures and Pronghorn will always seek out talented individuals from underrepresented groups that are pushing boundaries and being innovative, but it's essential that they see the proof points of a strong business as well. They'll explain how they balance influencing positive social ecosystems while measuring KPIs for return on investment in a business. 

Red flags for investment pitches

• With decades of experience in this space between them, our panelists have seen the difference between brands that secure funding and those that don't. Our panelists make the case for a hyper-focused approach to pitching investors that leaves no room for ambiguity about your goals and trajectory. 

 
Mentioned in this episode:

Pronghorn
Distill Ventures
GHJ
Dispact Ventures
Chinola
Power To Pitch

2023 Craft Spirits Data Project - Distillers Survey

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Not many alcohol brands can claim to have taken a nearly 30-year hiatus from producing their spirit, only to revive it and build their business into a category leader. However, Tequila Fortaleza is not your average brand. It entered the U.S. market during the early stages of tequila's popularity boom and rapidly became one of the most celebrated agave spirit brands in the industry.
 
In this episode, Park Street's Jesse Cortes sits down with Billy Erickson, the Sales and Marketing Manager of Tequila Fortaleza to dive into the rise and development of his family's brand. 

Erickson will cover the history of the brand from front to back, recounting how he helped his father build and expand the business in its early days and what the duo sees for Fortaleza in the future. He explains how their patient approach to expansion in the U.S. market paid off in the long run.

Having been at the heart of the business for over a decade, Billy offers insight into the operational aspects of Tequila Fortaleza. You'll get a sense of how Billy and his team achieved a positive cash flow for the brand in a relatively short window by generating traction in the on-premise. He also offers his best practices for hiring, how to pick a distribution partnership, and what they would have done differently if he could do it over again.

Join us as the Park Street Insider Podcast explores what it took for Tequila Fortaleza to become a driving force in the hottest spirits category in beverage alcohol.

Episode Breakdown:

0:00 - Introduction
5:26 - Erickson's background
6:40 - Erickson's key skillset for industry members
8:10 - Learning about the industry as a newcomer
10:40 - History of Fortaleza
14:40 - Key decisions when  building Fortaleza
17:30 - The importance of trade shows
19:25- How the Tequila category landscape has evolved
22:00 - Fortaleza's current footprint
23:30 - Erickson's strategy for winning retail accounts
26:00 - Hiring and training practices
29:00 - Running industry engagement programs
33:15 - Best approach for picking out a distribution partner
35:10 - Advice for establishing a trademark
37:00 - Best tips for brands first getting started in beverage-alcohol
40:45 - Fortaleza's expansion plans
44:09 - Navigating acquisition conversations

In this episode you'll hear from:

Billy Erickson, Sales and Marketing Manager, Tequila Fortaleza

Mentioned in this episode:

Tequila Fortaleza

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The popularity boom of agave spirits over the past decade needs no introduction. The category saw a volume increase of 13% between 2021 and 2022 alone, according to IWSR, and is poised to take an ever-increasing share of the total spirits market.

In the latest Essential Talks episode from the Park Street Insider Podcast, you'll hear from Carlos Ochoa, the COO of Mezcal El Silencio. In this talk, Ochoa will give listeners insight into what it's like to produce an agave spirit in Mexico with a window into the brand's production process. 

 He offers brand owners an understanding of how bottles are produced and eventually make their way to a point of sale. He also offers a cost-of-goods breakdown for each step, explaining how a bottle arrives at a certain price point. 

Ochoa also makes the case for marketing agave spirits brands in ways that honor Mexican culture. He shares how his brand brought its production capabilities in-house to flip the script on outdated representations of mezcal production. 
 
Episode Breakdown:

1:15 - The cost of buying finished goods
2:35 - The backward incentives for brokers
4:30 - Making the case for in-house production

Key Quote:

"I'm a true believer that optimization does not mean industrialization. By buying finished goods, you're incentivizing the producers and the broker to squeeze down every penny. What I'm trying to convince people of is to hire those people (producers) directly."

In this episode you'll hear from:

Carlos Ochoa, COO, Mezcal El Silencio

Mentioned in this episode:

El Silencio
El Silencio’s Carlos Ochoa on Mezcal Production Costs & Innovation

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Mergers and acquisition deals often make for good headlines, but to take a step back and look at the sum of these deals often reveals larger insights in the state of beverage alcohol.  This perspective can prove useful in helping brands shape their own strategies.

In this Essential Talk, Ryan Lake, Managing Director at Arlington Capital Advisors, provides an overview of the current trends driving M&A activity in beverage-alcohol.

Lake closely examines the perspectives of strategic acquirers, offering insights into spirits categories, packaging types, and technologies driving the market. He highlights the types of deals that dominate investments, showcasing how some of the biggest deals in the past year fit into these different investment structures.

Additionally, Lake examines one of the most dominant forces in the M&A landscape: industry and category convergence. He explains why it's suddenly become so attractive for major soda companies like Coca-Cola and Pepsi to enter the beverage-alcohol arena. You'll also hear about how major suppliers have broken category norms in recent months to align with consumer trends.

Listeners will learn about the best ways to incorporate M&A trends into their own thinking. Lake offers brand owners his best practices for staying agile in an ever-changing market. 
 
Episode Breakdown:

1:50 - Trending spirits categories driving M&A
4:05 - Trending packaging types and occasions driving M&A
5:55 - New technologies and innovations driving M&A
7:17 - Most common types of investments
9:15 - Industry convergence
10:40 - How brands can take advantage of M&A trends

Key Quote:

"If you're not building your brand for where the consumer is going,  you're already getting left behind. Make sure you're watching the trends: trends that go beyond spirits, beyond spirits-based RTDs, beyond beverage-alcohol even."

In this episode you'll hear from:

Ryan Lake, Managing Director, Arlington Capital Advisors

Mentioned in this episode:

Park Street’s 2022 Beverage Alcohol M&A Overview
Arlington Capital Advisors

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For years rum has been forecasted to be the next spirit category to undergo a major renaissance, and only in the last few years did that seem like it could be true thanks to a handful of innovative premium rum producers. 

Marc Farrell, the founder, and CEO of Ten To One Rum,  is among those producers seeking to elevate the category. When he founded Ten To One Rum in 2019  he leaned into his Caribbean heritage and the rich tradition of the spirit to create a premium and authentic brand identity that could propel that category into an exciting future.

On this episode of the Park Street Insider Podcast, Emily Pennington sits down with Farrell to trace his journey from a coffee executive to a leader in rum’s revival. 

In this episode, he breaks down the status quo of the category and shares his approach to helping shift consumer perception.  He also explains why rum is a category that should be seen as synonymous with craft. 

Listeners will also get a sense of how Farrell's unique backstory made him a capable founder and hear about some of the key traits that have made him a successful entrepreneur. 

Episode Breakdown:

0:00 - Introduction
5:15 - Farrell's key skillsets for entrepreneurs'
7:20 - Before Ten To One Rum
13:40 - Why start a rum brand?
16:10 - Challenges facing the rum category
22:05 - Milestones when brand building
25:28 - How Farrell learned about the industry as an outsider
29:40 - Ten To One's footprint today
32:10 - The shifting perceptions of rum
38:10 - Celebrity partnership with Ciara

Key Quote:

"As a founder, I think it's important that you don't ask people to do anything that you're not willing to do yourself. I was the first salesperson: going to accounts, doing tastings, telling the story, and closing that sale. Having those first couple cases land and seeing them on that back bar was a major, major milestone."

In this episode you'll hear from:

Marc Farrell, Founder & CEO, Ten To One Rum

Mentioned in this episode:

Ten To One Rum
Bar Convent Brooklyn 2023

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When Charles Gordon tasked Lesley Gracie with creating the quintessential English gin in 1999, there were no constraints on the level of experimentation she could employ to get the job done. It was only with a true sense of curiosity that the brand's flagship gin came to market infused with cucumber and rose. Now a leader in the craft spirits movement, Hendrick's achieved its status by making this sense of curiosity and experimentation crucial to its brand identity. 

On this episode of Essential Talks from the Park Street Insider podcast, you'll hear from Muiris Ó Riada, Global Brand Director for Hendrick’s Gin at William Grant & Sons. Ó Riada will break down the steps Hendrick's has taken to activate the brand globally.

For Hendrick's Gin, fostering a sense of curiosity and experimentation at every step of the brand's operations is crucial. From the curation of new products to holding activation events for bartenders, listeners will hear about how the brand utilizes the principle of experimentation at every level. Ó Riada also explains how everyone on the Hendrick’s team plays a critical role in the brand's strategy.  He also delivers his golden rules for telling the brand's story. 
 
Episode Breakdown:

1:16 - Introduction to Hendrick's
2:07 - Golden Rules of brand activation
2:40 - History of Hendrick's
4:00 - How Hendrick's approaches innovation
6:30 - Engaging bartenders with new SKUs
7:45 - How Hendrick's uses its distillery to promote the brand

Key Quote:

"For us on the brand, we're very ruthless in keeping to what makes the brand different. That family company mindset, that backing, is critical to that sense of curiosity without compromise."

In this episode you'll hear from:

Muiris Ó Riada, Global Brand Director for Hendrick’s Gin at William Grant & Sons

Mentioned in this episode:

Hendrick's Gin
William Grant & Sons
Park Street at Bar Convent Berlin

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Lars Williams first started his distilling journey by experimenting with what he saw as a gin made of foraged pin needles. But when sharing the spirit with a friend they told him that without using juniper berries it couldn't really be called a gin. After more spirits testing, Lars would soon learn that his affinity for experimentation and unique ingredients would rule his brand out of traditional standards for spirits categories altogether.   

On this episode of the Park Street Insider Podcast, Andres Correa sits down with Lars Williams, Co-Founder of EMPIRICAL, to unpack the rise of his brand. The two uncover why EMPIRICAL found its identity by throwing out the playbook for traditional spirits distilling to create a truly unique brand based on flavor.

EMPIRICAL is currently making waves in the industry as a brand that approaches spirits production unlike any other.  The company has become one of the most disruptive brands in beverage alcohol through the way it sources unique ingredients and utilizes alternative technologies to produce products that don't conform to any single category. 

This conversation breaks down what it was like for Lars to build a brand as an outsider with no spirits industry experience. He'll explain how his role running the test kitchen proper at restaurant Noma in Copenhagen translated to developing unique flavor profiles in his spirits.  He'll also share how he navigated the technical aspects of setting up a brand from a compliance perspective never having done this before.

They'll also get into Lar's vision for the brand in the future and what people can expect from EMPIRICAL in the coming years. Listeners will hear how staying true to his vision was vital to Lar's brand-building journey. 

Episode Breakdown:

0:01  - Introduction
4:50 - Defining EMPIRICAL
7:36 - EMPIRCAL's Origins
9:40 - Coming into the spirits industry as an outsider
12:43  - Portfolio size and footprint
13:17  - Major brand-building milestones
15:50 - The creative process behind SOKA
20:07 - Experimentation 
22:36 - Industry standards for sourcing ingredients
24:25 - U.S. market entry
26:25 - Route to market strategy
28:00 - Differences between U.S. and European markets
30:37 - Branding EMPIRICAL
33:12  - Opening a distillery in Brooklyn
38:21 - Compliance lessons when opening a distillery
36:22 - Key values as an entrepreneur
37:28 - Looking ahead

Key Quote:

"Stick to your guns. If you're starting a new brand there's going to be a ton of people saying that the markets are saturated or are too many players. But I think there's a lot of room for people who are trying to do something that is special, different, and high quality. I think it's an exciting time to be in the spirits industry."

In this episode you'll hear from:

Lars Williams, Co-Founder, EMPIRICAL 

Mentioned in this episode:

EMPIRICAL

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Consolidation at the top of the distribution tier in recent years has resulted in higher levels of competition among smaller, independent distributors and suppliers alike. While at one time the U.S. market maintained around 3,500 wholesalers, this figure has been cut by more than two-thirds in the present day.  Meanwhile, the number of wineries and craft distillers has exploded, narrowing the funnel through which suppliers can gain access to the second tier. With such high levels of competition among suppliers and rapid consolidation in the distribution tier, one big question looms: how are independent suppliers able to get the attention they need from distributors? 

In this episode, Emily Pennington sits down with Mark Harmann, the  National Sales Director of the Independent Distributor Network (IDN), for a discussion about the state of beverage-alcohol's second tier.  The two dive into Mark's seasoned industry background, how the Independent Distributor Network operates, and the options available to suppliers and distributors who want to gain visibility in this cluttered landscape.

If you're looking to understand the status quo of the beverage-alcohol distribution tier, Harmann has you covered. He details the evolution of the distribution tier and explains how we arrived at the current environment today. He also explains the issues that IDN was built to solve and shares how his organization serves as a model for remedying the problems posed by consolidation.   

This episode also offers some invaluable advice for brands when pitching to a distributor. As someone who aligns brands and distributors for a living, Harmann tells suppliers what to come to the table with when trying to attain distribution. 
 
Episode Breakdown:

5:30 - Harmann's background
7:10 - Harmann's role at IDN
8:43 - What is IDN in a nutshell?
9:30 - History of the distribution tier in the U.S.
12:45 - Brand advocacy for national vs independent distributors
15:44  - How IDN helps smaller brands 
18:20 - What distributors look for in suppliers
23:30 - How brands find IDN
24:30 - IDN's plans for the future
25:30 - Common traits between wholesalers in IDN
28:30 - Advice Harmann gives to prospective members
32:50 - Best communication practices between suppliers and distributors
35:00 - Incentivizing your distributor

In this episode you'll hear from:

Mark Harmann, National Sales Director, Independent Distributor Network 

Mentioned in this episode:

Independent Distributor Network

You might also like:

Park Street's Roundup of Distribution How-To's For Suppliers

Quick Tips to Get Your Distributor's Attention

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