Case Study
How Still Austin is scaling the fastest-growing craft whiskey in America with Fero
Still Austin Whiskey Co., one of America's fastest-growing craft whiskey brands, partnered with Fero to secure the capital needed to scale production without sacrificing quality, independence or the spirit of creativity.
The Challenge
The blessing and the curse of exceptional demand.
As demand for Still Austin's whiskey has continued to skyrocket following the 2020 release of their flagship bourbon, The Musician, co-founder and CEO Christopher Seals began seeking a funding partner who truly understood the challenges faced by craft beverage producers and could help scale production while preserving the independence and quality the brand was built on.
Whiskey is unlike almost any other consumer product. The same success that creates demand also creates capital constraints, because every barrel that sells today required an investment made years ago. As Still Austin's growth has accelerated, the tension between ambition and cash became the defining growth constraint on the business.
The Solution
More than capital – Fero is a platform across the value chain
Fero structured a non-dilutive, flexible revolving facility that treats Still Austin's maturing barrel inventory as high-quality collateral. Capital flows into production, allowing the distillery to aggressively invest in new barrels today to meet the sales demand of years to come without sacrificing ownership, creative autonomy or the standards that define the brand.
Barrel inventory as collateral
Fero's model is built around the reality of aged spirits. Maturing whiskey barrels, which are typically viewed as illiquid by traditional lenders are recognised as high-quality collateral within Fero's platform. Unlocking liquidity that conventional finance cannot provide.
Non-dilutive, revolving structure
Unlike equity investors or traditional debt providers, Fero's facility carries no dilution of ownership, no equity and no rigid covenants that force operational compromise. As Still Austin grows, the facility grows with it, purpose-built for a decades-long relationship, not a one-time transaction.
Optimising capital for growth
By unlocking liquidity from inventory, Still Austin can optimise its working capital from barrel production, toward sales, marketing and brand expansion. Investing in activities that drive consumer demand and long-term brand equity, rather than locked in barrel.
Full operational independence
With Fero, Still Austin redirects its working capital for barrels to continue to invest in their community, the brand, the quality in the bottle and growth – the very essence that makes Still Austin so special.
WHY FERO
A partner built for this exact problem
Still Austin evaluated capital providers extensively. What set Fero apart was not just the financial structure, but the depth of understanding, the pace of execution, and the shared conviction that the best brands should never have to choose between growth and integrity.
"Fero really understands how to help a whiskey brand scale. One of the things that makes them stand out is their innovation — the way they've structured their business is very customised to the needs of a whiskey distillery. It's not a traditional banking model. It's not an investor's model. They've created something that really addresses the needs of a scaling business."
Christopher Seals
Co-Founder & CEO, Still Austin Whiskey Co.
"Most traditional lenders or PE firms require rigid covenants or significant equity stakes, which can dilute a brand's long-term vision. Fero stood out because they built a platform specifically for the wine and spirits industry — a non-dilutive, flexible revolving structure that recognised our barrels as high-quality collateral."
Kevin Tee
VP of Finance, Still Austin Whiskey Co.
"The Fero team is very aligned to the values of Still Austin, and that makes me very excited for the next chapter. They have been very clear from the beginning: we maintain full creative control. We continue our unique techniques — slow water reduction, our maturation times, using the Texas climate. That is completely in our control."
Ashley Taraborelli
VP of Operations, Still Austin Whiskey Co.
The Platform
More than just capital – a partner across the value chain
Cashflow optimisation
A flexible, revolving credit facility structured around barrel valuations and production cycles: capital that moves at the pace of a whiskey distillery, not a bank's quarterly review.
Supply chain infastructure
Logistics, inventory tracking and operational tooling across the full value chain from production through to market. Fero's operating system can handle the complexity and offers an operational infastrucutre, if and when they are ready.
Long-term aligment
The structure is explicitly designed for a multi-decade relationship. Fero's incentives align with Still Austin's growth: success for one is success for both.
Growth strategy partnerhsip
Fero works directly with the Still Austin leadership team on commercial strategy, distribution planning and how to deploy capital most effectively as the brand expands nationally.
"We want to build something for the next 100 years. Fero understands that we have big ambitions. They've developed something that's not constrained by what a bank is constrained by. They said: we want to make something that hasn't existed before.
Christopher Seals,
Co-Founder & CEO, Still Austin Whiskey Co.
“There is a genuine enthusiasm, a sense of creativity, exploration, and discovery that runs through every part of what the Still Austin team does. That's exactly the type of thing that gets us excited — brands that are creating a truly distinctive, unique, and genuine experience within the industry.”
Mitch Fowler
Founder, Fero
“From the very first meeting to forming the partnership was a matter of months. Every meeting was extremely productive from both sides. Still Austin bleeds the brand — and it's rare to see a company where every person you meet truly just loves what they're building.”
Ajay Ramesh
Commercial Director Americas, Fero
The Results
From a capital-constrained production model into a scalable, capital-light growth engine
With Fero capital facility in place, Still Austin can confidently produce significantly more whiskey – the single most important enabler of scaling growth. All while maintaining its uncompromising quality standards and growing in line with their ambitions, both domestically and internationally if they choose. They can do that without being constrained by working capital or giving up an inch of equity or independence. All flexible enough to grow as the the brand grows.
"Because of this partnership, we can make a lot more whiskey. And it's a great thing for us."
Christopher Seals
Co-Founder & CEO, Still Austin Whiskey Co
Still Austin Whiskey Co. can focus on keeping pace with growing demand now and in future without having to sacrfice its independence.
Unlocked
Product capacity is unlocked to meet accelerating demand
0% dilution
Still Austin retains ownership & control with 0% equity dilution
100%
100% operational independence remains with Still Austin from pricing to quality standards
3 months
Only 3 months passed between first conversation with Still Austin to signed deal
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