Uncle Nearest’s Mystery Deal Fell Apart. Now 3 New Buyers Are Circling the Whiskey Brand

Uncle Nearest is finally nearing a sale, but not with the mystery buyer it announced finding four months ago.

Last Friday, the embattled whiskey brand’s receiver, Phillip G. Young Jr., said in a court filing that discussions were underway with three unnamed parties interested in purchasing Uncle Nearest’s assets.

Though no purchase agreement had been signed, Young told the court that a deal was close and that the company was insolvent, according to court documents. Any sale Uncle Nearest reaches will be executed through a Chapter 11 bankruptcy, allowing the company to reorganize while continuing to do business. 

Uncle Nearest’s previous potential mystery buyer

Earlier this year, Young signed a nonbinding letter of intent with a confidential buyer described as an investment firm with African American ownership and leadership, largely speculated to be Jay-Z’s MarcyPen Capital Partners. The deal was expected to close within 45 days, but never did. The Spirits Business reported that Young began talks with the new parties after its exclusivity period with the original buyer expired. 

Refreshed leadership advice from CEO Stephanie Mehta

The assets for sale include the Nearest Green Distillery, which sits on 432 acres in Shelbyville, Tennessee, as well as its equipment. 

Young plans to file for Chapter 11 bankruptcy once a deal is reached, according to Bloomberg, thereby allowing the new owner to acquire Uncle Nearest without taking on its existing liabilities. The company’s co-founder, Fawn Weaver, tried to file for bankruptcy on its behalf earlier this year. A judge denied the claim, ruling that she wasn’t authorized to do so, and quickly threw out the case.

Young additionally finalized the sale of Uncle Nearest’s French vineyards, according to Bloomberg, though that deal still needs approval from the French government. The company’s chateau in Cognac has yet to find a buyer.