Powerscourt Distillery is to be sold to US-based Altiva Management for an undisclosed sum after a deal was agreed by receivers, Interpath Advisory, with a commitment of a “significant cash injection” from the buyer.
The transaction is expected to be completed in the coming weeks, with staff informed on Thursday. The sale of the business is understood to have been for in the region of €10 million, sources have informed The Irish Times.
It will include a “large volume of bulk whiskey”, which was produced in the distillery, believed to represent one-third of the company’s whiskey stock.
The sale also includes the company’s brands, namely the Fercullen brand, intellectual property and a transfer of the leasehold interest in the operating distillery and visitor centre. The company leases the visitor centre and distillery property from the Slazenger family, who own the Powerscourt Estate.
READ MORE
All current members of staff are expected to transfer to the buyer.
While the receivers had hoped to secure a full asset sale of the business, they will now look to sell the remaining bulk whiskey. It is understood to have a value in the region of €20 million. It includes product acquired from Cooley Distillery a number of years ago.
“We see tremendous potential in Powerscourt Distillery and are committed to supporting its talented team as they look to grow and thrive over the coming years,” Adam Morgan, a director of Altiva, said.
Altiva Management Inc is a Nevada-based private investment adviser according to filings to the US Securities and Exchange Commission (SEC). The firm is owned by Bala Venkataraman, who built his wealth by running and investing in healthcare and pharmaceutical companies, and is currently the managing partner of Avengo Capital.
Old order ‘not coming back’ as Trump overshadows World Economic Forum
Mr Morgan, who is also the chief investment officer of Avengo, said Altiva’s focus “will be on strengthening the market position of the business, growing its brand and investing in innovation to ensure sustainable success”.
“We appreciate the craftsmanship and time it takes to produce quality whiskey such as Fercullen and are looking forward to supporting Powerscourt Distillery on the exciting journey ahead,” he said.
Roger Duggan, the chief executive of the distillery, said it was a “great day for Powerscourt Distillery, having secured a strong and supportive new ownership structure. It marks the beginning of an exciting new chapter for our business”.
Mark Degnan, managing director of Interpath, said it was a “great outcome for both parties”, noting that a “significant capital injection from Altiva will build on the strong fundamentals of the business”.
He said the deal represented a “great vote of confidence from an international investor in this indigenous industry and a fantastic Irish brand” amid a challenging period for distilleries here.
The business was put up for sale in July 2025, with documents relating to the sale seen by The Irish Times valuing the stock of whiskey at just under €35 million. This valuation included 25-year-old stock purchased from the Cooley Distillery, which remains unsold.
No value was placed on the overall business in the documents circulated, and the receiver outlined a desire at the time to achieve a full asset sale of the business.
Mr Degnan was appointed as receiver on June 26th by the company’s sole secured creditor, PNC Financial Services UK Ltd, which was owed €21.5 million at the end of June.
Minority shareholders later sought to appoint an examiner in place of the receiver, with Joseph Walsh, of JW Walsh accountants, appointed on an interim basis. This motion was withdrawn in advance of the hearing, which had been set for July 17th, and the company re-entered receivership.
The whiskey maker saw “consistent revenue growth” over several years with sales peaking at €5.3 million in 2023 before dropping to €3.9 million in 2024 “due to challenging international market conditions”.
