An award-winning North Texas distillery that declared bankruptcy earlier this year has been acquired for $6 million, according to U.S. Bankruptcy Court records.
Les Beasley, master distiller and founder of Whiskey Hollow, received a $250,000 deposit toward the sale from buyer Pulse WH Holdings LLC. Kevin Lange is listed as the company's president in the asset purchase agreement filing. He is an Austin-based financial advisor and owner of his Legacy One Financial Advisers, a wealth management company.
Upon closing, the earnest money will be applied as a credit towards the $6 million purchase.
Mr. Beasley, his attorney and the buyer's attorney did not respond to questions. dallas morning news About sales.
The distillery, which started in Valley View and expanded to a larger location in Muenster just before the pandemic, was known for its $150-a-bottle Texas Gold Bourbon in double oak barrels. It was made in a 38-foot copper still that was hand-built by Beasley.
Asset sales typically include elements such as land and its improvements. The transaction also includes machinery, vehicles, inventory, raw materials and finished goods, according to court documents. The documents detail the age of the liquor in barrels, the type of wood it was aged in, and the thousands of bottles in stock.
As part of the sale, Beasley will also transfer all intellectual property, including mailing lists, recipes and other confidential information used to launch Whiskey Hollow. The regulatory law excludes all bottled and finished products, as well as trademarks for other alcoholic beverage brands that Beasley worked on, such as Frosted Star Vodka and Bartner's Well Vodka, from trading.
Whiskey Hollow's Texas Gold Bourbon has won awards in national and international competitions and is popular with local hotels, restaurants and distribution companies. This gave Beasley the confidence that in 2018 she purchased a vast 60,000 square foot warehouse and stills with enough capacity for national distribution, pumping out about 100 gallons of spirit per hour. I did.
But the COVID-19 pandemic, combined with losses accumulated from using alcohol as hand sanitizer and increased property taxes that could not be paid, ultimately led Beasley to bankruptcy. I was driven into a corner.
Before the court-approved sale, Beasley estimated he could lose up to two-thirds of his life savings.
