Royal Eagle Fund
Interactive Offering System
Investor Brief
Royal Eagle Fund
Distribution & Brand Equity Model
Rodeo de las Aguas  ·  Doheny Road Spirits  ·  April 2026  ·  Accredited Investors Only
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Interactive Briefing Notice

Before You Begin

This is an interactive investor brief.
Assumptions are visible. Variables are adjustable.
This system is designed for evaluation and orientation only.
Formal terms, risks, and disclosures are contained in the PPM.
01 · Deal Structure

This is a brand equity investment.

Royal Eagle Fund capitalizes a premium spirits brand with established distribution, verified recognition, and institutional placements. Capital accelerates distribution velocity. Returns are driven by revenue growth and terminal brand value.

This is not a pitch deck. It is a working model. Every assumption is visible. You control the inputs. The system shows you what changes. Nothing is hidden. Nothing requires faith.

Vehicle
Royal Eagle Fund, LP
Dedicated capital vehicle
Operating Entity
Doheny Road Spirits
Production & distribution
Brand
Rodeo de las Aguas
Premium tequila portfolio
Structure
LP Interest
Accredited investors only

Capital enters the Fund

LP commitment funds distribution expansion, inventory, and brand infrastructure.

Distribution engine scales

New accounts are opened. Velocity per account is managed. Revenue grows as the footprint expands across verified channels.

Brand equity compounds

Awards, placements, visibility, and velocity create enterprise value. Exit occurs via strategic acquisition, brand sale, or recapitalization.

02 · Brand Evidence

Verified market presence.

Source-tagged evidence of recognition, placement, and distribution traction. Nothing below is asserted without attribution.

Double Gold — 5-Year Extra Añejo
Highest distinction in blind-tasted competition
Tequila & Spirits Magazine · 2024
Gold Medal — Reposado
Evaluated against 200+ entries in aged category
San Francisco World Spirits Competition · 2024
Silver Medal — Blanco
Unaged category, highland agave profile noted
International Spirits Challenge · 2023
View Full Recognition Record
Verified awards, distinctions, and industry recognition
2024
Double Gold — 5-Year Extra Añejo
Highest distinction · Blind-tasted competition
Tequila & Spirits Magazine
Gold Medal — Reposado
Aged category · 200+ entries evaluated
SF World Spirits Competition
Best in Class — Extra Añejo
Premium aged tequila category
LA Spirits Awards
2023
Silver Medal — Blanco
Unaged category · Highland agave profile noted
International Spirits Challenge
Bronze Medal — Añejo
Aged tequila · Jalisco origin verified
San Francisco World Spirits
2022
Gold Medal — Blanco Expression
Unaged highland agave · Clean profile
Tequila & Spirits Magazine
Silver Medal — Reposado
Oak-aged category · Balanced finish
International Wine & Spirit Competition
Product Image · Slot 1
Product Image · Slot 2
Product Image · Slot 3
Product Image · Slot 4
Product Image · Slot 5
Extra Añejo Bottle — 5-Year Expression
Flagship product · Additive-free · Highland agave, Jalisco
1 / 5
Retail
BevMo!
Multi-state presence
Hospitality
Select On-Premise
Premium restaurant & bar accounts
Travel & Institutional
Cathay Pacific Lounge
First & Business Class · SFO
Highlighted states indicate verified brand, retail, hospitality, travel, distribution, or ambassador presence. Data reflects confirmed active relationships as of Q1 2026.
Active Accounts
4
States / Regions
Avg Cases / Month

Figures reflect confirmed active accounts. Seasonal variation applies. As of Q1 2026.

03 · Distribution & Revenue Engine

How the business generates revenue.

These inputs drive the projections, scenario analysis, and investor outcomes in the following sections.

150
accounts
×
3
cases/mo
×
$350
=
$157,500/mo
Active Accounts (Doors)150
Retail and on-premise placements
Cases per Account / Month3
Average monthly sell-through
Average Case Price$350
Net Margin65%
Annual Expansion Rate20%
Higher account counts and velocity assume scaled distribution, inventory continuity, and sustained pull-through.
Monthly Revenue
accounts × cases × price
Annualized Revenue
monthly × 12
Estimated Net Income
annual × margin
Per-Account Unit Economics
Rev / Mo
Rev / Year
Margin / Mo
Margin / Year
YearRevenueNet IncomeΔ Growth
Revenue & Net Income — 5-Year Projection

These projections feed directly into exit valuation and investor outcome calculations on the following screens.

Velocity Support Scale
Low Velocity 1–2 cases/mo
Early account penetration. Limited awareness. Light repeat demand. Consistent with new market entry before brand momentum builds.
◂ Your current setting
Moderate Velocity 2.5–5 cases/mo
Stable placement quality. Awards and product credibility support repeat demand. Reflects growing account-level pull-through reinforced by verified placements.
◂ Your current setting
High Velocity 5.5–12 cases/mo
Stronger brand pull-through supported by event activation and ambassador visibility. Tara Davis-Woodhall and Hunter Woodhall partnership reinforces premium cultural relevance and sustained demand at active accounts.
◂ Your current setting
Brand Ambassadors
Olympic and Paralympic visibility through the Woodhall partnership supports premium cultural positioning and event-driven awareness across key markets.
Supports → velocity, account-level pull-through
Verified Placements
Active presence across hospitality, retail, and travel channels — including BevMo!, Cathay Pacific, and select on-premise accounts — reinforces distribution readiness.
Supports → expansion credibility, rollout assumptions
Awards & Recognition
Double Gold and multiple blind-tasted distinctions provide independent verification of premium product quality in the category.
Supports → velocity, premium pricing assumptions
Distribution Readiness
Verified presence in 18 states, established distributor relationships, and active retail accounts support the credibility of further account acquisition.
Supports → growth rate, account expansion model

These demand drivers do not guarantee results, but they help explain why the modeled assumptions may be reasonable under execution.

How This Model Works

Accounts × Cases per Account = Volume. Volume × Case Price = Revenue. Revenue × Net Margin = Operating Income. The annual expansion rate projects these figures forward over the modeled horizon.

All figures are illustrative projections based on your selected inputs. Actual results depend on execution, market conditions, and distribution timing. These projections feed directly into exit valuation and investor outcome calculations on the following screens.

04 · Model Validation

How sensitive is this model?

Before testing scenarios, understand where the model responds most — and where it is most fragile.

<1×
1–2×
2–4×
4–6×
6×+
Current

This model is most sensitive to changes in velocity and distribution scale. Small shifts in cases per account produce disproportionate outcome variation.

Current Model Position
Primary Sensitivity Drivers
Velocity Compression
Rapid account expansion often reduces average velocity as newer accounts dilute the portfolio. The model assumes mature velocity across all doors.
Impact: Revenue projection — high
→ Affects: cases per account · Movement: leftward shift across sensitivity surface
Distribution Plateau
Account growth may decelerate as accessible markets saturate. Expansion into new geographies introduces logistical cost and slower ramp.
Impact: Growth trajectory — moderate to high
→ Affects: account count · Movement: downward shift on sensitivity surface
Secondary Factors
Margin Sensitivity
Net margin depends on distributor terms and production scale. Small shifts compound over the projection horizon.
Impact: Net income and exit value — moderate
→ Affects: net margin % · Movement: scales all cells proportionally
Exit Multiple Dependency
Investor outcomes are materially affected by exit multiple. Multiples reflect buyer appetite, which is market-dependent.
Impact: MOIC and exit value — high
→ Affects: exit multiple · Movement: amplifies or compresses all MOIC values
MetricModelRangePosition
Cases / Account / Mo3.00.5 – 8.0Within range — typical
Average Case Price$350$180 – $600Within range — upper-mid
Net Margin65%40% – 78%Within range — upper-range
Annual Expansion20%8% – 45%Within range — typical
Exit Multiple3.5×2.0× – 8.0×Within range — conservative
Accounts at Scale15050 – 2,500Within range — early-stage

Ranges represent observed premium spirits distribution benchmarks. Model values reflect current inputs.

Public Market Reference Set
BF.B — Premium spirits benchmark (brand durability, pricing power)
DEO — Global scale reference (distribution, portfolio execution)
MGPI — Category supply + production dynamics
STZ — Premium alcohol distribution + scaling
SAM — Brand-led demand sensitivity
System Interpretation

At the current model position, the primary driver of outcome improvement is velocity per account — moving from 3 to 5 cases/month shifts MOIC more than doubling the account base at constant velocity. Distribution expansion is the secondary lever, meaningful at scale but subject to velocity compression. All current inputs are positioned within observed ranges for premium spirits distribution. From a decision standpoint, improvements in per-account performance should be prioritized before aggressive distribution expansion.

05 · Revenue & Margin Model

Distribution into dollars.

How doors and velocity translate to revenue and margin. These outputs reflect your current scenario assumptions.

Revenue Build — 60-Month Projection
Gross / Case
$280
COGS
−$84
Distributor
−$56
Marketing
−$28
Net Margin
$84
Net margin: 30% Cost: 70%
Year 1
Year 2
Year 3
Year 4
Year 5
5-Year Cumulative Revenue
Year 5 Net Margin (Annual)
06 · Scenario Explorer

Test the assumptions.

Every variable on the left drives what you see on the right. There is no hidden logic.

Distribution
Year 5 door target 600
Floor 400 · Ceiling 2,500 addressable accounts
Rollout pace Measured
Velocity & Price
Mature velocity / door 0.5 cases/mo
Range 0.3–2.0 · Above 1.5 atypical outside top-20 metros
Average case price $220
Weighted average across SKU mix
Margin
Net margin 22%
Floor 18% (distributor-heavy) · Ceiling 42% (DTC-weighted)
Exit
Exit year Year 5
5
Exit revenue multiple 2.5×
Range 2.0×–6.0× · Comparable transactions 2.5×–8×
⚠ Rapid expansion typically reduces per-account velocity. Velocity auto-adjusted down 15% to reflect this correlation.
Monthly Revenue
Annual Revenue
5-Year Cumulative
Exit Value
Est. Return Multiple
on invested capital
Est. IRR
annualized
Year 5 Margin
net of all costs
Scenario
Conservative
ScenarioBase
Doors
Velocity
Price
Margin
Capital$100K
Scenario Trajectory — Monthly Revenue
Month

Outcome expansion is primarily driven by sustained velocity above 0.8 cases/account beyond Year 3. The gap between scenarios widens most in the final 24 months.

Exit Value by Scenario
Value Transformation — Active Scenario
Sensitivity Matrix — Return Multiple (MOIC)
How exit multiple and revenue scale interact to produce investor return.
Exit multiple ↓   ×   Year 5 revenue →
07 · Investor Outcome

What is your investment worth?

Using your selected scenario and assumptions from the Scenario Explorer —

Your Projected Outcome
$100,000
Based on your selected scenario and current assumptions.
MOIC
Est. IRR
Net Gain
Ownership
Adjust Your Position
Investment amount $100,000
Entry valuation (post-money) $8,000,000
Implied ownership: 1.25%
ScenarioYr RevenueExit ValueYour StakeMOICIRR
Investor Value Over Time
View Scenario Assumptions
InputYour ValueBasis
How This Model Works

Ownership = investment ÷ post-money valuation. Exit value = scenario trailing revenue × exit multiple. Your stake = ownership × exit value. MOIC = stake ÷ invested. Returns are pre-tax, exclude fees, carry, and fund expenses. Refer to the PPM for complete terms.

How premium spirits brands exit

Strategic acquisition by a major spirits group is the most common exit for brands reaching $5M+ annual revenue. Secondary paths include recapitalization and management buyout.

What drives the multiple

Exit multiples are driven by revenue scale, growth rate, brand distinctiveness, and distribution quality. On-premise-heavy portfolios command higher multiples.

Investor Summary Record
System-generated summary of your selected inputs and modeled outcome
Royal Eagle Fund
Generated from your live interaction with the Royal Eagle Interactive Brief
Confidential

Investor Summary Record

This summary reflects your selected inputs and assumptions within the Royal Eagle Interactive Model.

Date
Session
Investor Position
Investment Amount
Entry Valuation (Post-Money)
Implied Ownership
Selected Scenario
Scenario
Exit Year
Exit Revenue Multiple
Core Assumptions
Accounts at Exit
Velocity per Account
Average Case Price
Net Margin
Rollout Pace
Business Outcome
Revenue at Exit (Annualized)
Enterprise Value at Exit
Investor Outcome
MOIC
Net Gain
Est. Annual Return
Stake Value
Scenario Snapshot
ScenarioExit ValueInvestor ValueMOIC
Time Spent
Screens Viewed
Variables Adjusted
Scenarios Tested
Next Steps
If the model supports your thesis, the PPM contains complete terms, risks, and structure.
Jason Gilbert
Managing Member, Royal Eagle Fund
Chief Investment Officer, Doheny Road Spirits
Information provided for context only. This interactive brief does not constitute an offer to sell securities. See PPM for complete terms, risks, and disclosures.