'); “For nearly six months, we have been diligently working with the other shareholders to find a solution that would save the business. Beckerman, who is the CEO of the company, filed a $100 million lawsuit against investors in Stillhouse, which includes Quadrant Capital and Bacardi hatched a … var count = parseInt($('#force').val()) + 1; I like Stillhouse. It is very unfortunate that Mr Beckerman would jeopardise Stillhouse’s ability to continue as a going concern by unilaterally filing this frivolous lawsuit just as we were nearing a mutually beneficial resolution. CEO Of Stillhouse Spirits Sues Bacardi For Extortion, Fraud, Breach Of Contract And More. A decent small business is going to get ruined by megacorporation interests. In response, Bacardi said at the time that it had provided “substantial backing” for the company over the years. In 2018, Stillhouse says, it shipped nearly 50,000 cases and is on pace to ship more than 70,000 this year. Brad Beckerman, founder, CEO and chairman of Stillhouse Spirits, filed the lawsuit against Bacardi yesterday (27 March). Wonder what Bacardi is going to destroy first. Bacardi said in a statement: “We are pleased to have come to a mutual agreement as we have always admired the Stillhouse brand for its innovation, disruption of categories, and marketing ingenuity. “We believe in the brand’s growth and potential and are excited to continue the pioneering vision that the founder set for Stillhouse.”. The incident reportedly stems from an arrangement in which Stillhouse agreed to provide Bacardi with access to company information. Bacardi made an initial investment in Stillhouse in 2014 and has provided additional funding and strategic support to the company over the years. The lawsuit alleges that "Bacardi convinced Beckerman to provide it inside access and control of Stillhouse through a series of false representations and promises of support. This acquisition brings the brand fully into the Bacardi portfolio. $('#force').val(count) WILMINGTON, Del. Best served wherever you happen to be. Bacardi, the largest privately held spirits company in the world, made an initial investment in Stillhouse in 2014 and has provided additional funding and strategic support to … //alert('pressed! He said: “I am proud that my mission for Stillhouse will be taken to the next level by industry leader Bacardi.”. Stillhouse Spirits creates a range of six clear whiskeys, including Original, Apple Crisp, Peach Tea, Coconut, Mint Chip and Spiced Cherry. In a statement, Bacardi said: “Bacardi is an entrepreneurial company with a proven track record of working with new and emerging brands to grow them into household names. We intend to defend this action vigorously.”. Bacardi, which acquired a minority stake in Stillhouse Spirits more than four years ago, said it has provided “substantial backing” for the company over the years. However, according to Bacardi, Stillhouse Spirits has apparently “repeatedly failed to deliver the growth promised” and “continued to spend beyond the board-approved budgets”. It also produces Black Bourbon, which is a whiskey blend that has been part-aged in small batch coffee beans. Says Beckerman, “I am proud that my vision for Stillhouse will be taken to the next level by industry leader Bacardi.” Beckerman has dismissed a prior lawsuit he brought against Bacardi and other parties, and no payment, settlement or concession of any kind was made by Bacardi or any other party. Diageo forecast to outperform Pernod post-pandemic, Otterbeck Distillery launches Captain Sir Tom’s Gin, US forecast to become biggest online alcohol market, The Design & Packaging Masters 2020 results, Dead Man’s Fingers debuts limited edition line, Alcoholic tea brand gains £1.4m investment. Brad Beckerman the founder of Stillhouse, a spirit startup that has rapper G-Eazy as a celebrity promoter, investor and co-creative director, filed a $100 million lawsuit against Bacardi Limited and associated companies and individuals for fraud, extortion and … 66CF87A8-9687-4BBB-BE6B-98808EB23D27. In a Lawsuit filed today in Delaware Court (CASE #19-572), Brad Beckerman, the founder, CEO and Chairman of Stillhouse, LLC, one of the fastest growing and most innovative spirits companies in the United States sued Bacardi Limited – the largest privately-owned spirits company in the world—and others for $100 million dollars for extortion, fraud, financial malfeasance and more. Family-owned Bacardi has acquired American whiskey and vodka producer Stillhouse Spirits for an undisclosed sum. //alert('pressed! That makes it worth more than $100 million, Stillhouse says. Under the leadership of CEO Brad Beckerman, the company has repeatedly failed to deliver the growth promised, and continued to spend beyond the board-approved budgets. Beckerman filed a lawsuit against Bacardi in March this year. '); In the court filing, Stillhouse alleged that Bacardi attempted to force Beckerman into accepting an offer below the $100 million value, which is was brought on the lawsuit. Brad Beckerman, founder of spirits startup Stillhouse that counts rapper G-Eazyas a celebrity promoter, investor and co-creative director, filed a $100 million lawsuit against Bacardi Limited and associated companies and individuals for fraud, extortion, breach of fiduciary duty and other charges in Delaware state court on Wednesday (March 27).. jQuery(document).ready(function($) { In a lawsuit filed this week in Delaware Court (CASE #19-572), Brad Beckerman, the founder, CEO and chairman of Stillhouse, LLC, one of the fastest growing and most innovative spirits companies in the United States sued Bacardi Limited, Americana JV Investments Inc, Quadrant Capital and others for $100 Million Dollars for extortion, fraud, financial malfeasance and more. 03606414 | Wigglesworth House, Fourth Floor, 69 Southwark Bridge Road, London, SE1 9HH, UK. “The complaint is filled with inaccuracies and misstatements, and we look forward to providing the entire story at the appropriate time. Bacardi agreed to fully acquire Tennessee-based small-batch distillery Stillhouse Spirits for an undisclosed sum in November 2019, after making an investment in the brand in 2014, which led to a March 2019 lawsuit against Bacardi from its Founder and CEO Brad Beckerman. The lawsuit alleged that “Bacardi convinced Beckerman to provide it inside access and control of Stillhouse through a series of false representations and promises of support”. Entering a business arrangement with another party in Florida or elsewhere can be an exciting endeavor, but it may also come ... Contract Disputes }); Terms & conditions | Privacy Policy | Cookie Policy | Please drink responsibly | Log in Stillhouse Spirits was founded by Brad Beckerman, and Bacardi made a minority investment in the firm in 2014. Bacardi acquires Stillhouse Business Staff thespiritsbusiness.com © 2020 | Published by Union Press Ltd. | Registered No. $('#force').val(count) 03606414 | Wigglesworth House, Fourth Floor, 69 Southwark Bridge Road, London, SE1 9HH, UK. var now = Date.now() Stillhouse Spirits CEO Sues Bacardi for Extortion, Fraud, Breach Of Contract. Stillhouse Spirits is taking legal action against Bacardi – a move Bacardi has called “frivolous”. “Despite our substantial backing, management repeatedly failed to deliver on the company’s business plan and Stillhouse is now on the verge of bankruptcy. It continues to claim that in February and March 2019, Stillhouse experienced record-breaking success and sales, and Bacardi has allegedly “schemed to take the company on the cheap” and has “cut off funding for the company”. Bacardi didn’t immediately respond to our request for comment. The CEO of Stillhouse Spirits, a company backed by hip-hop artist G-Eazy, is suing minority stakeholder Bacardi for US$100 million for alleged extortion, fraud, breach of contract and financial wrongdoing. If you continue to use this site, you consent to our use of cookies. - G-Eazy Partner Files Lawsuit in Delaware Federal Court Seeking $100 Million -. Add flavor notes of baked apples, cinnamon, natural oats, brown sugar, ginger, and nutmeg to the full-on kick of our 100% clear corn whiskey and you’ve got Stillhouse Apple Crisp Whiskey. Beckerman, founder and CEO of Stillhouse Spirits, will leave the business to pursue other opportunities. Too bad.. Beckerman revealed he was suing Bacardi for US$100 million for alleged extortion, fraud, breach of contract and financial wrongdoing. //$('#email').val(count); The lawsuit alleges that: “Bacardi convinced Beckerman to provide it inside access and control of Stillhouse through a series of false representations and promises of support. The CEO of Stillhouse Spirits, a company backed by hip-hop artist G-Eazy, is suing minority stakeholder Bacardi for US$100 million for alleged extortion, fraud, breach of contract and financial wrongdoing. We use cookies on this site to store information on your device. Bacardi has acquired Stillhouse Spirits, the US maker of whiskey and vodka packaged in stainless steel cans. However, along with the acquisition news announced today (15 November), Bacardi said Beckerman had dismissed the lawsuit and no payment, settlement or concession of any kind had been made by Bacardi or any other party. Beckerman filed a lawsuit against Bacardi in March this year. Bacardi made an initial investment in Stillhouse in 2014 and has provided additional funding and strategic support to the company through the years. Bacardi Limited on Nov. 15 acquired all the assets of Stillhouse, LLC. He claims his company is now in “mortal danger due to the financial malfeasance of Bacardi and the other financial partners”. “We made a minority investment in Stillhouse over four years ago because we believed it could be an exciting and disruptive product, and we provided the company with significant ongoing financial and other support. //$('#email').val(count); }); It also claimed that Stillhouse Spirits had apparently “repeatedly failed to deliver the growth promised” and “continued to spend beyond the board-approved budget”, and said the company was “on the verge of bankruptcy”. Stillhouse Spirits sues Bacardi for $100m. Attorney Skip Miller, a partner at Miller Barondess, in Los Angeles, is representing Beckerman in the lawsuit. Bacardi has taken full ownership of Stillhouse Spirits. }); Terms & conditions | Privacy Policy | Cookie Policy | Please drink responsibly | Log in Fast-growing spirits company Stillhouse, LLC has recently filed a lawsuit against Bacardi Limited, accusing the company of breach of contract and fraud. 28th March, 2019 by Melita Kiely. var count = parseInt($('#force').val()) + 1; Beckerman revealed he was suing Bacardi for US$100 million for alleged extortion, fraud, breach of contract and financial wrongdoing. Beckerman filed a lawsuit against Bacardi, Diageo forecast to outperform Pernod post-pandemic, Otterbeck Distillery launches Captain Sir Tom’s Gin, US forecast to become biggest online alcohol market, The Design & Packaging Masters 2020 results, Dead Man’s Fingers debuts limited edition line, Alcoholic tea brand gains £1.4m investment. The lawsuit alleges that "Bacardi convinced Beckerman to provide it inside access and control of Stillhouse through a series of false representations and promises of support. Bacardi Fully Acquires Stillhouse Spirits, Resolves Lawsuit Dear Client:Today Bacardi announced that it has fully acquired Stillhouse Spirits Co. Stillhouse founder Brad Beckerman will "step away from the business to pursue other opportunities," per a release. This acquisition brings the brand fully into the Bacardi portfolio. The lawsuit says Bacardi has admitted the company is worth more than $100 million. $(document).on('keypress', '#comment', function(){ jQuery(document).ready(function($) { Established in 2016 by entrepreneur Brad Beckerman, Stillhouse Spirits has been offering American-made spirits … thespiritsbusiness.com © 2020 | Published by Union Press Ltd. | Registered No. Bacardi added that its acquisition of Stillhouse Spirits was completed on the same terms proposed by Bacardi prior to the start of the lawsuit. Global spirits company Bacardi has acquired all assets of US-based alcoholic beverage maker Stillhouse Spirits for an undisclosed sum. (MENAFN - PR Newswire) WILMINGTON, Del., March 27, 2019 /PRNewswire/ -- In a Lawsuit filed today in Delaware Court (CASE #19-572), Brad Beckerman, Monday, 30 September 2019 05:39 GMT عربي Bacardi Limited today acquired all the assets of Stillhouse, LLC. “To induce Beckerman to relinquish majority ownership and control of Stillhouse, Bacardi represented to Beckerman that it would in the future bring Stillhouse ‘in house’, by buying all of the equity of Stillhouse, including Beckerman’s, at a fair market price.”. If you continue to use this site, you consent to our use of cookies. We use cookies on this site to store information on your device. 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