Sale of Uncle Nearest Underway

A letter of intent to buy "substantially all the assets of Uncle Nearest, Inc., Uncle Nearest Real Estate Holdings, Inc. and Nearest Green Distillery, Inc. was signed on May 29 and was submitted to the U.S. District Judge overseeing the receivership of the troubled distillery Monday (6/1).

The letter of intent excepts real estate in Edgartown, Mass. and Cognac, France, as well as any assets of Grant Sidney Inc.

The name of the buyer is not currently being disclosed but is described in the filing as "an an investment firm with an African-American ownership and leadership structure.

"The purchaser has indicated its intention to maintain the brand’s existing workforce, enhance sales and route-to-market capabilities through strategic partnerships, and honor the cultural significance that has made Uncle Nearest one of the most recognized spirits brands in the country.

"The purchaser is also committed to honoring the history of Nathan “Nearest” Green – the first African-American master distiller on record in the United States – and to providing the product inspired by Mr. Green to consumers nationally and globally."

A formal asset purchase agreement is expected to be signed in about 45 days.