Craft brewer Rye River Brewing in Celbridge, whose best known brand in McGargles, has raised new financing from private equity firm Bluebay Ireland Corporate Credit.

The financing will be used to refinance Rye River’s existing debt with Ulster Bank as well as providing development capital for the business. Rye River was advised by banking partner Andrew Power and corporate associate David Brangam at law firm LK Shields.

Rye River was set up in 2013 and its brewery in Co. Kildare now employs 60 people. The company also distributes a number of imported beer brands, including Bavaria and San Miguel.

Earlier this year Rye River signalled that it was seeking to  raise €7 million from outside investors to fund expansion plans. The company’s brewing capacity was increased last year and the hope is to raise output from two million litres a year to 11 million litres by 2019.

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The company said that turnover doubled through 2015 to €12.5m and exports account for half of annual sales. Rye River has an own-label deal with Lidl and other supply deals with Tesco and Dunnes Stores.

Rye River’s principals are Alan Wolfe, Niall Phelan and Tom Cronin. In December 2014, the company raised €200,000 from Enterprise Ireland, €200,000 from EII investors and €50,000 from investor Pamela Ryder.

Most of the company’s finance was sourced from Ulster Bank. In December 2014, operating company DP Financial Ltd had bank loans and overdrafts amounting to €1,940,000, including €1,375,000 of invoice finance secured on the debtors’ book.

Rye River ended 2014 with trade debtors of €2.6 million and trade creditors of €1.8 million