Tuesday, 07 09, 2013
Angel’s Share Brands to invest $12 million in the Commonwealth
LOUISVILLE, Ky. – Governor Steve Beshear today joined local and company officials to break ground on Angel’s Share Brands’ new distillery on East Main Street in Louisville, which will produce Angel’s Envy bourbon and related products. The company, together with subsidiaries Louisville Distilling Company LLC and Papillon Property Group LLC, plans to create 40 new jobs and invest $12 million in the project.
The distillery’s site, a 19th century building known as the old Vermont American Complex, was preserved for redevelopment after a portion of the property was razed to make way for the new downtown Ohio River Bridge and I-65. The Kentucky Transportation Cabinet, local development officials and historic preservation officials worked together to make sure the site remained a viable location for innovative economic development.
“This is an exciting addition to Kentucky’s vibrant bourbon industry, with Angel’s Share Brands creating 40 new jobs and investing $12 million in a new distillery,” said Gov. Beshear. “As bourbon continues to gain in popularity across the world, we will continue to work hard to foster new opportunities for jobs and investment. We take a lot of pride in this signature product, and the industry’s global success shows the type of dedication and craftsmanship that makes Kentucky stand out.”
The new distillery for Angel’s Envy will include a column still for expanded production, a bottling line, grain handling equipment and barrel storage areas. The distillery also will be designed to make a unique and attractive experience for public tours.
“We are thrilled to have such an amazing location for our new distillery,” said Marc Bushala, president and CEO of Angel’s Share Brands LLC, the parent company of Louisville Distilling Co. LLC. “We have spent the past two years evaluating potential sites in downtown Louisville, looking for the perfect property. The city has been great to work with and very supportive in our efforts to find the ideal location.”
“Led by Gov. Beshear and Mayor Fischer, the Commonwealth and Louisville Metro Government have shown amazing support for Kentucky’s native spirit,” added Wes Henderson, COO for Angel’s Envy. “This new full production distillery will allow for continued creation of our award winning bourbons and whiskies, in addition to bringing jobs and other business opportunities to the state and city. The distillery complex will also make an immediate impact on bourbon based tourism, with projections of 120,000 visitors during the first year of operation.”
To encourage the investment and job creation in Louisville, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $800,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
KEDFA also approved Angel’s Share Brands for tax benefits up to $72,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
Kentucky produces 95 percent of the world’s bourbon. More than 8,600 jobs in Kentucky are connected to the distillery-related enterprise, generating approximately $413 million in payroll. The 4.9 million barrels of aging bourbon in Kentucky outnumber the Commonwealth’s population of 4.3 million people.
“I am very pleased that Angel’s Share Brands is making this investment in our community by establishing a new distillery in Louisville and creating new jobs,” said Sen. Gerald A. Neal, of Louisville. “Louisville will reap the rewards of economic growth and these additional job opportunities.”
“Kentucky’s bourbon history continues to hit new highs, and this announcement by Angel’s Envy is the latest reason why,” said Rep. Darryl Owens, of Louisville. “I am very pleased to see it invest so much in our community, and I look forward to the day when it is up and running.”
“We are delighted that Angel’s Envy has selected Main Street for its Louisville distillery,” said Louisville Mayor Greg Fischer. “It is exciting that we will have an iconic bourbon brand as part of the history and culture that makes up this vital corridor of Louisville’s downtown. Angel’s Envy’s dedication to its quality product and economic commitment to the Louisville community are both representative of what makes Louisville and Kentucky the bourbon capital of the world.”
“Because of Angel’s Envy’s commitment to Louisville, we celebrate another exciting new bourbon presence in downtown Louisville, and a welcome addition to our burgeoning food and beverage sector,” said Greater Louisville Inc. President and CEO Craig Richard. “I’m looking forward to seeing even more friends and visitors joining us on the Kentucky Bourbon Trail.”
For more information on Angel’s Envy, visit www.angelsenvy.com.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.
A detailed community profile for Louisville (Jefferson County) can be viewed at http://www.thinkkentucky.com/community.aspx?county=Jefferson.