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Barrels and bottles

Where beverage and finance speak the same language.

Strategic advisory for founders, operators, and investors navigating capital formation, capital markets, M&A, and growth needs in the beverage sector.

Operators. Investors. One advisory language.

Advisory
Strategic & Capital Advisory
Deep sector expertise across capital structure, debt, equity, and wholesale strategy.
Transactions
Transaction & Deal Execution
M&A, refinancings, recapitalizations, and pro forma modeling for complex deals.
Capital
Bespoke Asset Deployment
SPV, JV, and fund structures — bespoke investment vehicles for the beverage sector.

Trusted partners in the beverage sector

Institutional expertise. Real market insight. Focused on beverage transactions and capital solutions across operators, brands, and investors.

Potter Jane Distilling
Still Austin Whiskey Co.
ASW Distillery
Winebow
Proof Old Fashioned Syrup
Long Beverage
Authentico Tequila
Brindiamo

Trusted insight.
Real market results.

What clients say about working with Proof Capital.

"Joe brings an uncommon combination of strategic insight, financial expertise, and real-world beverage experience. His creative approach to financing helped Still Austin navigate complex challenges and capitalize on opportunities that have fueled our growth. If I were building or investing in a whiskey company today, Joe would be one of my first calls."

Chris Seals
CEO & Co-Founder, Still Austin Whiskey Co.

"Over nearly two decades, Joe has been a trusted advisor through multiple stages of our growth. He doesn’t just understand finance — he understands how our business operates and what it takes to create long-term value. That perspective has made him an invaluable partner whenever we’re making important strategic decisions."

Rodney Long
Chairman & CEO, Long Beverage

"Very few advisors understand both how banks underwrite credit and how beverage distributors operate. Joe does, and that unique perspective made all the difference. He challenged conventional thinking, negotiated meaningful flexibility into our credit facility, and the outcome exceeded our expectations."

Bradley Shore
President, Long Beverage

"Joe has a rare ability to simplify complex situations and develop practical solutions that move businesses forward. He brings strategic thinking, deep industry expertise, and genuine partnership — exactly the type of advisor you want at the table when decisions matter most."

Cody Matthews
CFO, Potter Jane Distilling Co.  |  Former SVP, Truist
Our Focus

How we serve the beverage sector

Proof Capital operates at the intersection of institutional finance and the beverage industry — providing the strategic guidance, capital solutions, and operational insight that most advisors can only offer one at a time.

Strategic & Capital Advisory
  • Capital structure optimization
  • Debt and equity advisory
  • Working capital & liquidity solutions
  • Brand & wholesaler market intel
  • Wholesale trade navigation & strategy
Transaction & Growth Advisory
  • M&A strategy and deal execution
  • Refinancings & recapitalizations
  • Restructurings
  • Pro forma financial modeling
Bespoke Asset Deployment & Direct Management
  • Tailored debt and equity structures
  • SPV and sidecar vehicles
  • Asset-backed investment solutions
  • Portfolio-based capital deployment
Market Intelligence

Proof Capital produces proprietary market research and industry analysis across the U.S. beverage, beverage alcohol, and Irish whiskey markets — providing clients with unique insights into capital flows, market trends, and emerging opportunities. Explore our latest market intelligence.

Correction,
not collapse.

The US total beverage alcohol market is navigating extended volatility — post-COVID normalization, selective capital markets, and shifting consumer behavior creating both headwinds and opportunity across categories.

(3.4%)
TBA dollar decline YoY
$110B
FY25 TBA off-prem sales
+25%
Spirits RTDs $ growth YoY
70%
Prem+ $ share of spirits
(17%)
Innovation spending decline FY25
(3.8%)
Spirits vol. decline ex-RTDs
7–8x
Growth asset revenue multiples
ALL
Wine segments decline YoY
16.3%
Non-alc beer $ growth YoY
RTD
M&A activity focused on RTD segment
↓ Download 2025 US Market View
Market Intelligence

The Irish
Whiskey Divide.

Today's Irish whiskey market is defined by two diverging trends. Global growth contrasts with a softer U.S. market, while younger inventories are correcting even as mature whiskey remains scarce. Proof Capital's research explores these dynamics and the opportunities they create.

↓ Download · Infographic
The Great Irish Whiskey Inventory Divide
Young casks oversupplied. Mature stock structurally scarce. A one-page visual breakdown of the bifurcated market.
↓ Download · Full Report
Irish Whiskey Market View
15-slide deep dive: global sales, cask supply dynamics, aged stock scarcity, and investment thesis. May 2026.
Founder

Specialized expertise.
Real market results.

Joe Goode
Joe Goode
President & Founder
2024–
President & Founder
Proof Capital
2020–24
SVP — Beverage Industry Manager
Truist Financial
2019–20
Director — Food & Beverage
BMO Harris Bank
2008–19
SVP & Relationship Manager
Wells Fargo — Beverage Industry

Joe Goode founded Proof Capital to sit at the intersection of institutional finance and the beverage sector — where most advisors speak one language, but the best outcomes require both. With over 16 years across Wells Fargo, BMO Harris, and Truist, he has originated, structured, and closed more than $3 billion in transactions including leveraged and asset-based financings, recapitalizations, equity raises, and M&A.

$3B+
Originated transaction volume
16+ yrs
Institutional banking
Debt · Equity
Transaction types
M&A · Advisory
Service scope
Work with Joe
Industry expertise

Straight answers.

How do engagements begin?
Initial discussions clarify objectives, market context, and capital needs. We outline a tailored approach before formal engagement.
Which clients do you typically advise?
Beverage operators, founders, and investors navigating capital events, transactions, or strategic shifts — from emerging brands to established enterprises.
How is compensation structured?
Fees are aligned with transaction complexity and scope. We offer both retainer and project-based models.
Do you provide capital directly?
We advise and help deploy capital. Direct investment is considered where interests and objectives align.
Can I end an engagement early?
Engagements may be concluded at any stage, subject to agreed terms. We prioritize transparency throughout.
What services are included?
Advisory covers capital structure, M&A, and transaction execution. Capital solutions include debt, equity, and bespoke structured vehicles.

Connect with an industry expert

For direct inquiries or confidential discussions, use the form below. We respond promptly to qualified requests.