US whiskey maker takes over Waterford Distillery
Third-party producer Tennessee Distilling Group (TDG) has agreed to buy Waterford Distillery after the Irish whiskey maker entered receivership in 2024.
In November 2024, Interpath Advisory confirmed that Mark Degnan and Daryll McKenna were appointed as receivers for Waterford by HSBC, after the business struggled financially.
The receivers have now entered into an agreement to offload Waterford’s core assets, including the distillery and its intellectual property, to TDG.
The process is expected to be completed within the coming weeks after regulatory requirements. Financial terms of the deal have not been disclosed.
The distillery’s maturing whiskey stock is in the process of being sold separately.
Mark Reynier founded the distillery in 2015 after converting a former Guinness brewery in Waterford. The Irish producer worked with local farms to create single-farm-origin single malt whiskeys.
Waterford Distillery had secured a €45 million (US$47.8m) funding package from HSBC UK in March 2023 to help the business expand internationally and lay down more whiskey.
Significant investment
TDG plans to invest significantly in the distillery, strengthen operations, and grow the team in Waterford, according to the receivers. The US-based business brings ‘comprehensive technical capabilities and experience’ alongside an ‘extensive’ reach worldwide.
The investment aims to support long-term stability for the distillery, create new jobs, and open new markets.
Degnan, managing director at Interpath, said: “I want to thank all parties who engaged in this process to secure the future of the distillery, and we’re pleased this transaction has been successfully agreed, delivering a positive outcome for the business and its stakeholders.
“This investment from Tennessee Distilling Group provides a clear platform for future growth and represents a strong commitment to both the Waterford brand, the local economy, and the wider Irish whiskey sector.”
Neither Tennessee Distilling Group or Reynier responded to requests for comment.
Based in Columbia, Tennessee, TDG produces Bourbon, rye, corn and malt whiskeys for companies across the world. TDG is known for contract distilling brands such as Tennessee whiskey Uncle Nearest (currently under receivership), and Bob Dylan’s Heaven’s Door Spirits, which opened its own distillery in Kentucky in 2023.
Established in 2014, TDG has three production campuses spanning 150-plus acres with two independent distillery operations, a bottling facility, and storage warehouses totalling more than 800,000 square feet with the capacity to hold several hundred thousand barrels.
Reynier, the former CEO of Bruichladdich, is also behind Grenada’s Renegade Rum Distillery.
Interpath’s Degnan was also involved in helping fellow Irish whiskey maker Powerscourt Distillery find a buyer after being appointed the receiver for the County Wicklow-based business.
In January this year, Degnan entered into an agreement to sell most of Powerscourt Distillery’s assets to US investment firm Altiva Management.
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