February 21st 2024.
Uncle Nearest Premium Whiskey has certainly caught the attention of the business world, with its staggering valuation of $900 million and its potential to become a unicorn company. But what sets this company apart is not just its financial success, but its commitment to remaining Black-owned and Black-led.
Founded in 2016 by Fawn Weaver, Uncle Nearest Premium Whiskey has six investors, one of whom is Craig Leipold, the majority owner of the National Hockey League's Minnesota Wild. However, Weaver has plans to buy out these investors, which would make Uncle Nearest a rare example of a Black-owned company that has not been sold to a white-owned company.
Weaver explained to Fortune, "When talking about Black-owned consumer companies, we [Black people] have never held them in our 400 years in this country. And every single time we have sold, we sell to a white-owned company." This determination to maintain ownership and control of the company is evident in Weaver's plans to exercise her first right of refusal on every investment in the company.
The investors in Uncle Nearest were brought on board in an unconventional way, as Weaver shared that she has never sent a pitch deck. Instead, it has been a matter of personal connections, with investors sharing the potential of the company with their own networks. This may seem risky, but as Weaver puts it, "I'm willing to take that risk."
Despite the challenges and risks, Weaver remains steadfast in her goal to keep Uncle Nearest a Black-owned and Black-led company. And with its presence in over 30,000 stores, bars, hotels, and restaurants across 12 countries, and its 432-acre distillery in Shelbyville, Tennessee, which attracted 200,000 visitors in 2023, it seems that the company is well on its way to achieving unicorn status.
But it's not just the success and potential of Uncle Nearest that makes it a unique company. Its origins and history add another layer of significance. Nathan "Nearest" Green, a formerly enslaved man, was the one who taught Jack Daniel the art of distilling whiskey. This legacy is honored and celebrated by Uncle Nearest Premium Whiskey, making it not just a business, but a symbol of resilience and triumph over adversity.
In addition to its Tennessee distillery, Uncle Nearest also acquired an estate in Cognac, France, with over 100 acres and a unique island on the Charente River. This expansion into the world-renowned region of Cognac further solidifies the company's presence and impact in the spirits industry.
It's clear that Uncle Nearest Premium Whiskey is more than just a brand, it's a movement. A movement that aims to break the cycle of Black-owned companies being sold to white-owned companies, and instead, create a legacy of ownership and empowerment. As Weaver stated, "The only plan I have is to buy [all investors] out." And with her determination and the support of the community, Uncle Nearest is well on its way to achieving just that.
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