Macallan secures fourth Sherry cask partnership

Speyside distillery The Macallan has concluded a quartet of investments in the Sherry-seasoned oak supply chain.

The Scotch whisky brand has agreed to form a partnership with the owners of three businesses renowned for the production of Spanish Sherry-seasoned oak casks in a bid to secure a sustainable supply of the highest quality European oak casks and underline 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, of which The Macallan will own 50% of the share capital.

The joint venture will complete a quartet of major investments made by The Macallan over the past two years, which includes the 2023 50% acquisition of Grupo Estévez and its Valdespino Sherries, wines and aperitifs, vineyards and bodegas; the September 2023 acquisition of the Vasyma cooperage in Jerez, which specialises in crafting American oak casks; and the joint venture with Coopers Oak, a specialist sawmill in Ohio, which is a longstanding provider of American oak staves to Vasyma.

This final venture will give The Macallan the ‘deepest involvement’ of any Scotch whisky company in the production of Sherry-seasoned casks.

Igor Boyadjian, managing director at The Macallan, 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.

“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 long-standing supplier, crafting the finest European oak casks from Forestal Peninsular staves in which to mature The Macallan. This partnership, along with our other investments in Jerez and Ohio, shows our commitment to the craftsmanship in our Sherry cask supply chain.

“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.”

Forestal Peninsular was founded in 1958 and 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.

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.

Narciso Fernández Iturrospe, owner of Tevasa, said: “Tevasa and The Macallan have worked together for more than 40 years sourcing and crafting the finest European oak casks to help make this incomparable whisky.

“Everyone at our cooperage in Jerez and sawmills in Galicia and Cantabria is very excited to partner with The Macallan and to contribute even more to the craftsmanship that helps the brand stand out as one of the finest spirits in the world.”

Paul Hyde, CFO 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.”