What This US Takeover Means for Waterford Distillery’s Future

by Francis Moses

Wednesday, 25 March 2026 at 11:00TheSpirits Business

A US-based whiskey maker has accepted to acquire the core assets of Waterford Distillery, which means that the latter will enter a new chapter.

Tennessee Distilling Group (TDG) agreed to purchase the Irish distillery after it went into receivership in late 2024. The transaction is set to be completed within the next few weeks subject to regulatory approvals even though the financial terms have not been announced.

How did Waterford get here?

In November 2024, HSBC appointed Mark Degnan and Daryll McKenna of Interpath Advisory to put Waterford into receivership.

The distillery had been under financial strain even though it had previously attempted to grow. It received a 45 million funding package in 2023 to help make growth and boost production, although the plans failed to stabilise the business entirely.

Waterford was founded by Mark Reynier in 2015 and was based on the principles of single-farm-origin whiskies and a heavy emphasis on terroir, collaborating with local growers.

What does the deal include?

The agreement includes the core assets of Waterford such as the distillery and the intellectual property.

Nonetheless, its maturing whiskey stocks are being managed independently and are in the process of selling them. This implies that the transaction is more oriented towards the long-term future of the brand as opposed to its current inventory.

What TDG plans to do next

Tennessee Distilling Group is likely to invest more in the distillery after the deal is finalized.

The plan is to build on operations, increase the team, and sustain growth in future as per the receivers. It is also anticipated that the investment would assist in opening up new markets and restore some sanity to the business.

Mark Degnan termed the deal as a good move. He said that this investment by Tennessee Distilling Group offers a good platform to grow in the future and a robust dedication to the Waterford and the Irish whiskey industry at large.

About Tennessee Distilling Group

Tennessee Distilling Group is a company that produces and markets spirits and wine products in the United States. TDG has its headquarters in Columbia, Tennessee, and it is a large scale whiskey producer.

The company makes bourbon, rye, corn, and malt whiskey worldwide. It is also said to be engaged in contract distilling, such as the Uncle Nearest and Heaven’s Door Spirits of Bob Dylan.

TDG scale and technical experience have several production locations and a high storage capacity, which contributes to the deal.

What happens next

The acquisition is yet to be finalized, but it is likely to close in the nearest future.

Both TDG and Waterford founder Mark Reynier have not made any public statements regarding the deal yet.

In the meantime, it is all about finalizing the deal and deciding how the distillery will proceed in the new owner hands.

FAQ

What does Waterford Distillery specialize in?
Waterford has a reputation of emphasizing terroir and single-farm-origin Irish whiskey using local barley.
What is Tennessee Distilling Group?
TDG is a whiskey manufacturer based in the US, which distributes and manufactures spirits in other brands across the globe.
What does receivership imply to a distillery?
Receivership refers to an entity that has been appointed by the court to administer the assets of a business and settle the creditors.