Powerscourt Distillery Rescued from Receivership by American Investors

Last week Powerscourt Distillery, maker of the Irish whiskey brand Fercullen, announced that it reached a deal to be acquired by U.S. investment firm Altiva Management Inc. Financial terms weren’t disclosed, but Powerscourt confirmed that the sale—which is expected to close in the coming weeks—covers all of its brands—which include the Fercullen single malt and the lesser-priced Fercullen Falls blend, as well as intellectual property, inventory produced on-site, and the leases for its distillery and visitor center. The distillery will continue to make and sell whiskey for its Fercullen label under the new ownership, and the staff is expected to be retained.

Powerscourt Distillery was founded in 2018 on the Powerscourt Estate, a historic 47-acre country estate, known for its breathtaking gardens and golf course, located half an hour south of Dublin in County Wicklow. It’s best known for its Fercullen label, which is produced from the distillery’s own distillate along with stocks sourced from Cooley Distillery early on in the distillery’s history. It’s an underrated label to be sure, but one that impressed our tasting panel: notching three 91-point ratings for its flagship single malt, Fercullen Falls blend, and ultra-aged 21 year old single malt. The distillery has an annual capacity of 280,000 liters of pure alcohol, which is focused on single malt (75%) and single pot still (25%).

Powerscourt fell into receivership in late June, citing financial issues including cashflow difficulties and a trade disruption tied to tariffs. Those problems were compounded by a €21.5 million (around $25.5 million) debt owed to creditor PNC Bank. That debt was racked up as part of an earlier €25 million ($29.7 million) loan from PNC in 2023, intended to fund a production increase and expansion into other markets worldwide. The distillery borrowed that money against its barrel inventory, which was reportedly valued at somewhere around €35 million ($41.6 million) at the start of the receivership. The distillery and visitor center remained in operation throughout the receivership, with the receiver selling some of the Cooley barrels to offset the debt. According to Powerscourt, the receiver plans to sell the remaining barrels.

“This is a great day for Powerscourt Distillery, having secured a strong and supportive new ownership structure,” said Powerscourt Distillery CEO Roger Duggan. “With the backing of Altiva, we are well-positioned to build on our exceptional brand reputation with our premium product, Fercullen Irish Whiskey, that is loved by our customers across the world. This gives us the opportunity to invest in that brand along with the visitor experience at our excellent facility in Wicklow.”

“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,” added Altiva director Adam Morgan. “Our focus will be on strengthening the market position of the business, growing its brand and investing in innovation to ensure sustainable success.”

The Wider Landscape

The sale comes during a time of uncertainty in Irish whiskey. Though the category is larger now than it was prior to the pandemic, it has been in decline over the past two years, according to our research arm Impact Databank. Irish whiskey exports to the U.S. fell 5% last year, according to the Irish Whiskey Association (IWA), which pointed to a 15% tariff levied on exports by the Trump administration, though the business was already slumping. Dublin-based Teeling had a particularly rough year, with its pre-tax profits falling over 90% from 2024 to 2025, though its U.S. volume seems to be holding relatively steady. There were also several production cutbacks, including at the Roe & Co. Distillery in Dublin, Tullamore Distillery, Dublin Liberties Distillery (maker of Dubliner and Dublin Liberties labels), and Midleton Distillery (producer of Jameson, Redbreast, Midleton Very Rare, Spots, and Powers).

Despite the doom and gloom, drinkers have an undeniable interest in Irish whiskey, one that has been growing over the past few years. One area that’s seen consistent growth is Irish whiskey tourism. The IWA reported that over a million people visited distilleries in Ireland last year—representing a 23% rise in tourism over the previous year, contributing over €41 million ($48.7 million) to local economies. To foster that growth, in November, the IWA launched Irish Whiskey Way, a tourism initiative led by a new website that helps drinkers plan their journey across Ireland’s whiskey distilleries—from plotting routes within specific regions, to exploring food pairings and cocktails.