Ian McConnell: Will owner of Jack Daniel’s allow BenRiach to retain its free spirit?

It is crucial, particularly in tough economic times, to assess the impact of such big corporate deals from a Scottish perspective. However, first things first.

We must recognise that Scotch whisky industry veteran Billy Walker, who is 71, has done a fantastic job with The BenRiach Distillery Company.

Mr Walker has a great story to tell. He used his industry knowledge to spot a great opportunity, acquiring a business with some great Scotch whisky stock and making the most of surging demand for single malts in key overseas markets.

The BenRiach distillery, on Speyside, had been mothballed before it was acquired by Mr Walker and South African investors more than a decade ago. They went on to build a business with annual sales of more than £40m after using the profits made by BenRiach to help breathe new life into the GlenDronach and Glenglassaugh distilleries in Aberdeenshire.

The BenRiach Distillery Company has 165 employees, including 55 seasonal and casual workers. So Mr Walker and his business partners deserve credit not only for a great entrepreneurial success story but also for creating very valuable employment.

Mr Walker is netting nearly £100m for his family with the agreed sale of the BenRiach Distillery business, which he launched with an investment of less than £1m, to Jack Daniel’s owner Brown-Forman.

The US buyer is a major global player in the spirits industry with deep pockets.

Mr Walker, who deserves rich rewards for his entrepreneurial prowess, declared: “The price was fantastic. The price is astonishing.”

Given the success that BenRiach has enjoyed as a dynamic independent, it is difficult to escape a feeling of disappointment that it has fallen into the hands of a larger global player.

And Scotland, like many if not most other places, has had very mixed experiences of overseas corporations operating here.

There have been some good times, with major inward investment projects providing much-needed employment.

And there have been grim times. Particularly disheartening has been the raft of closures of major Scottish electronics plants by overseas companies looking to move production to lower-cost locations around the globe.

In years gone by, the closure of the likes of Motorola’s plant at Bathgate in West Lothian and Freescale Semiconductor’s factory at East Kilbride have dealt bodyblows to local communities and the Scottish economy.

And, in January, Texas Instruments announced the unexpected closure of its semiconductor plant at Greenock, still better known locally as NatSemi, with the loss of nearly 400 jobs.

Texas Instruments, which acquired National Semiconductor in 2011, plans to transfer the production undertaken by the skilled workforce at Greenock to Germany, Japan and the US.

It goes without saying that Scotch whisky and semiconductors are not the same. For a start, Scotch whisky can only be produced in Scotland.

The electronics plant closures have reflected global manufacturing trends. However, the global outlook for Scotch looks fairly solid. More people in emerging markets such as India and Africa now have the money to spend on premium brands. And demand remains strong from major established Scotch whisky markets such as the US, France, and Taiwan.

Suntory has been a good overseas steward of Scotch whisky assets, looking at its ownership of Morrison Bowmore in recent decades. Meetings with Suntory executives on a visit to Japan some years ago, in Tokyo and at the group’s Yamazaki distillery between Kyoto and Osaka, certainly gave the impression of an operation with a long-term view and a recognition of the importance of investment.

Such a patient approach is so refreshing, in these days where corporate executives who think on very short timeframes are too often beguiled by unimaginative, short-term cost-cutting strategies.

Brown-Forman is surely paying what Mr Walker describes as a “fantastic” price for The BenRiach Distillery Company because it sees big potential to ramp up global sales of the firm’s three single-malt Scotch whiskies.

For now, Mr Walker is staying with BenRiach, and that is a good thing.

However, it is only natural to contemplate what the future might hold.

Corporate history often leaves you with the impression that it is better to have companies based in Scotland, rather than controlled from elsewhere.

On too many occasions, Scottish businesses have been acquired by overseas players which have put them in some kind of big corporate straitjacket.

So, all things considered, is Mr Winchester right in his assessment that the takeover of BenRiach is not good news for Scotland? Only time will tell.

The sensible thing for Brown-Forman to do would be to ensure BenRiach retains the autonomy and free spirit which has enabled it to thrive as an independent. BenRiach may derive some benefits from having a larger player behind it, but only if the ingredients which have made it so successful are preserved.

Mr Winchester will presumably be hoping, like everyone else, that Brown-Forman focuses on investing in BenRiach’s growth, increasing the workforce further. And hopefully the price-tag shows the US giant appreciates fully that it has bought a very good company with bags of potential.