One of America’s Best Craft Distilleries Just Closed a $20M Deal, Bucking Trends in a Slowing Whiskey Market

On Tuesday, Still Austin Whiskey Co. announced a $20 million working capital deal with Ferovinum Inc. (FERO) to fund continued barrel production. The deal comes following the Austin, Texas distillery depleting 100,542 cases in 2025 — a 45% increase year over year — despite industry-wide headwinds.

Still Austin shipped 100,924 cases into distribution in the same period, a near-perfect ship-to-depletion ratio that points to consistent consumer demand. The company says 2025 marks its strongest performance since founding in 2015.

The results come as the broader American whiskey category faces slowing growth. Huge names from Beam to Diageo have announced production freezes in recent months.

Nielsen data cited by the company places Still Austin ninth among premium American whiskey brands by average revenue per retail store — a velocity metric that measures how quickly product moves at the point of sale.

The FERO Deal

The deal initially unlocks $20 million in working capital, with the capacity to expand to $30 million or more as the company grows. The structure is designed to give Still Austin access to capital tied directly to its barrel inventory, without requiring the company to cede control over production or aging decisions.

FERO, founded in 2018, operates as a funding and supply chain platform for the wine and spirits industry. The company says it has deployed more than $570 million in capital to drinks businesses globally and secured a $550 million asset-backed securitization program in July 2025.

“The strongest brands don’t just sell products, they create connections,” Mitch Fowler, CEO and co-founder of FERO, said in a news release. “Still Austin has community and human connectivity baked into their DNA. Beyond the brand itself, the Still Austin team has been incredible to work with as they are clear on the mission, and are thoughtful, ambitious and deeply committed to what they’re building. Our partnership with Still Austin is compelling and one we are genuinely excited to champion.”

For Still Austin, the deal is primarily a production play. The company held more than 20,200 barrels in aging storage at the end of 2025, all produced in-house. Additional working capital lets it accelerate barrel fills without taking on traditional debt that could constrain operational decisions.

Still Austin is one of America’s best and most exciting craft distilleries, earning numerous honors and awards. Its expressions have earned impressive reviews from prominent spirits critics, and two of the brand’s whiskeys earned placements in the top 20 of The Daily Pour’s “100 Best Whiskeys of 2025” list — an impressive feat.

“We have enormous respect for the Kentucky distillers who built this category,” said Chris Seals, co-founder and CEO of Still Austin. “To see our brand competing and, in many markets, outperforming fully distributed legacy producers, confirms that there’s real appetite for distinctive, authentic American whiskey. Our focus now is scaling production thoughtfully, without compromising the quality, flavor, or the creativity that got us here. Everything we’re doing is about building a brand that can grow for centuries, not just years.”

Portfolio and Consumer Demand

Still Austin’s core volume driver is The Musician Straight Bourbon Whiskey, which has a suggested retail price of $45. The brand also produces various limited releases, including the critically acclaimed Tanager Cigar Blend Bourbon Whiskey ($150 SRP), for which nearly 1,000 consumers lined up overnight at the distillery during the 2025 release. The company says attendees traveled from more than 16 states and from cities including London, Mexico City and Vancouver.

What to Watch

In the news release, Still Austin mentioned a long-term target of 1 million cases annually — roughly 10 times its current volume. Reaching that scale would require both expanded distribution and sustained velocity, two variables that don’t always move together as brands grow beyond regional strongholds.

The FERO partnership addresses the supply side of that equation by increasing the pace of barrel fills. The distribution side will depend on whether the brand can maintain its per-store performance as it enters new markets with less brand awareness than it carries in Texas.