Australian Whisky Holdings completes Nant takeoverBy Nicola Carruthers
Private equity group Australian Whisky Holdings (AWY) has completed its acquisition of The Nant Group, bringing court proceedings over the Tasmanian whisky producer’s barrel investment scheme to an end.
In October last year, AWY entered into an AU$3 million agreement with The Nant Group to buy Nant Distillery and the Nant Estate in Boswell, taking ownership of all whisky production assets.
A statement released by AWY on Thursday (3 August) confirms that the group now has “undisputed and outright ownership” of the distillery assets and the Nant Estate.
AWY said that it would focus on resuming the production and marketing of Nant whisky, its continued management of the Nant barrel investment scheme, and the acquisition of whisky from Nant barrel scheme investors.
It also states that “the settlement brings a formal end to the Federal Court proceedings initiated by the receivers as between the receivers, AWY and certain of its related entities.”
Keith Batt, founder of The Nant Group, filed for bankruptcy in February this year. AWY is set to take on AU$5.5 million worth of Nant debts and liabilities, after due diligence.
Earlier this year, AWY claimed that more than 700 whisky casks sold under Nant Distilling Company’s barrel investment scheme “have never been filled and don’t exist”.
The group has made offers to buy back mature barrels from investors and also to pay a deposit on maturing barrels, to be paid in full at the point of maturation.
Furthermore, The Nant Group stated that the acquisition deal was terminated in March, with AWY set to launch its own distillery operations on Nant’s Tasmanian estate instead.
Nant distillery opened in 2008, and produces a range of single malt whisky matured in American oak Sherry casks, French oak Port casks, American oak Bourbon casks, and French oak Pinot Noir casks.