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It’s a new beginning for Westward Whiskey as the U.S. Bankruptcy Court in Delaware has approved the sale of most of the local craft distiller’s assets to a group of private investors. Longtime CEO Thomas Mooney will remain at the company’s helm.
“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,” Mooney said in a press release.
On April 6, Westward Whiskey filed for Chapter 11 bankruptcy protection so that the small business could restructure. It took that step to address liquidity shortfall and route-to-market challenges that had strained the business, according to a press release.
The new investor group is led by Luis Fernando Leal, an original investor in Westward who has been on the board since 2011. Fernando Leal was arrested for bribery in a case that involved the Guatemalan tax authority in 2018.
All charges were dismissed by a judge in 2023, who said that the government “failed to present a single piece of evidence that a crime was committed,” Mooney tells WW.
“Thomas and the Westward team have the right vision, strategy, and ability to propel Westward Whiskey to sustainable growth in the coming years,” Fernando Leal said. “This is a difficult moment in the spirits industry, but a tremendous opportunity for Westward Whiskey.”
Westward began in 2004 and produces a flagship of family of whiskeys: Original, Pinot Noir Cask, Stout Cask, Cask Strength and the annual Milestone blend. Innovative quarterly releases are available to Westward Whiskey Club members, which will continue under the new structure. The company’s Portland footprint is a distillery and tasting room at 65 SE Washington St.
The sale of the company assets to Fernando Leal and the new investment team is expected to close Nov. 3.
