Private equity group Exponent has lined up the acquisition of The Loch Lomond Distillery Co.

The transaction, which was initially mooted a year ago, was confirmed earlier today (3 March). Financial details behind the purchase were not disclosed.

Exponent, which also owns meat-free food brand Quorn, will take ownership of the Loch Lomond Distillery at Alexandria, West Dunbartonshire, the Glen Catrine packaging plant at Mauchline in Ayrshire and the Glen Scotia malt distillery in Campbeltown, Argyll & Bute.

Exponent will be the majority owner of the newly-formed Loch Lomond Group, which will control the assets, “with the management team also investing in the venture”, the firm said.

Loch Lomond Group's management team will be headed up by former Imperial Tobacco executive Colin Matthews. Nick Rose, the CFO of Diageo until October 2010, will chair the new business.

“The growth of the Scotch whisky industry in recent years offers a great opportunity to develop further the Loch Lomond business, to refresh and expand the product portfolio, and to move into a number of new international markets building on the excellent progress the company has already made,” said Matthews.

Loch Lomond, which owns brands including Loch Lomond and Glen Scotia, claims to be one of Scotland's oldest distilleries and the second-largest family-owned Scotch maker, after William Grant & Sons. It is the only distillery in Scotland that produces grain and malt whisky on the same site, it says, with a combined output of 43m bottles a year.