American single-malt business Westward Whiskey has sold the majority of its assets to a group of private investors after filing for Chapter 11 protection.
The United States Bankruptcy Court for the District of Delaware approved the sale of "most" of the distiller's assets earlier this month, a statement from Westward said.
When asked about the specific assets included in the deal, Thomas Mooney, the group's CEO and founder, told Just Drinks: "The intention of the buyers is for Westward Whiskey to continue as a going concern and to grow the brand in the future.
"All of the assets required to do this are part of the transaction, e.g. intellectual property including the Westward trademark, production equipment, inventory etc.
"Nothing significant will stay behind and any such assets would be used to close the bankruptcy estate."
The deal is expected to close by 3 November.
The private investor group, called Aqua Ardens, had financed Westward during its bankruptcy process. The business had filed for Chapter 11 protection in April.
Mooney told Just Drinks the investor group "is a new entity" established in order to buy Westward's assets.
In a statement, Westward said the bankruptcy process enabled the company "to restructure and position itself for success in a challenging business environment".
While consumer interest grew in the American single malt brand in 2024, the business said Chapter 11 "was a necessary step to address a liquidity shortfall and route to market challenges that had strained the business".
Mooney will continue to lead the business as CEO and no jobs are to be impacted by the transaction.
Commenting on the purchase in the statement, the chief executive said: "Today, we celebrate a new beginning at Westward Whiskey, a bright new future that will allow us to compete and win despite an industry slowdown and broader economic headwinds.
"Our new, independent ownership structure gives us the freedom and flexibility to lean into the parts of our business that continue to shine – including our Westward Whiskey Club, direct-to-consumer business, and select wholesale markets where we have partnered with Pacific Edge Wine & Spirits.”
Westward says it has booked "solid growth" for 2025, with sales growing 53% against the same period last year, meaning it was "already surpassing its total sales for the entire 2024 calendar year".
Luis Fernando Leal, a principal of Aqua Ardens, added: “Along with my partners, I am thrilled to play a role in the future of Westward Whiskey. We were among the original investors in the brand, and I have served on its board of directors since 2011.
"Thomas and the Westward team have the right vision, strategy, and ability to propel Westward Whiskey to sustainable growth in the coming years. This is a difficult moment in the spirits industry, but a tremendous opportunity for Westward Whiskey.”
