Kentucky-based Bourbon producer J Mattingly 1845 is set to be acquired by private- equity group Gold Corn & Co.
The deal will see founder Jeff Mattingly selling 100% of his equity ownership to Gold Corn & Co., led by Andrew Varga and Carl Cordova .
The financial details of the deal were not disclosed.
The transaction is slated for completion within the next few months, with financial terms remaining undisclosed, according to a statement from the distiller.
The move follows Gold Corn's investment in the whiskey maker two years ago, J Mattingly 1845 confirmed to Just Drinks. The size of the stake was not disclosed.
When asked to describe the specific growth strategies Gold Corn & Co. has for J Mattingly, the latter said its new owner was “always looking to expand distribution into other states".
Based in Frankfort, Kentucky, J Mattingly 1845 was set up in 2010 by husband and wife Jeff and Melissa Mattingly. The company sells to several states in the retail channel and to 46 online.
J Mattingly told Just Drinks said Gold Corn also "plans to continue to offer unique whiskies using their trademarked double-staving process, which adds additional charred oak staves to each barrel for additional flavouring”.
Cameron Mattingly, son of Jeff Mattingly and vice president of production at the distiller, will continue to manage Bourbon production, blending and the distillery’s signature double-staving process, with all existing employees retaining their roles.
Jeff Mattingly said: “Melissa and I have been proud to lead our great team for the last 15 years in building one of the most unique enterprises in bourbon distilling.
"We welcome Gold Corn & Co, Andrew Varga, and Carl Cordova to continue on with the Mattingly brand and continue their philanthropy working with veterans and first responders.”
The US spirits sector has seen a series of ownership changes in recent months.
Middle West Spirits acquired US distiller Old Elk Distillery in May to expand its presence in the market. Middle West stated that the acquisition adds “nationally recognised craftsmanship” to its portfolio, which includes whiskey, vodka, and gin.
Also in May, Scotland’s Loch Lomond Group acquired The New York Distilling Company (NYDC), with plans to invest in distillation and production at NYDC’s Brooklyn facility.
In April, Westward Whiskey, a US single-malt distiller, filed for Chapter 11 protection in Delaware.
CEO Thomas Mooney said at the time the move was "a necessary step as we explore financial and strategic alternatives to better position our company to thrive as an independent craft distiller.”
