Uncle Nearest’s presence in the spirits sector continues to rise.
The whiskey company, established in 2016 by Fawn Weaver to honor Nathan “Nearest” Green, a formerly enslaved man who taught Jack Daniel how to make whiskey, has scaled into 30,000 stores, bars, hotels, and restaurants in 12 countries, as AFROTECH™ previously reported.
In its latest report, Bloomberg notes Weaver aspires to own a larger share of the spirits market. This stance has motivated the company to purchase vodka maker Square One Organic Spirits.
Additionally, she mentions a settled legal dispute between Diageo Plc and Sean “Diddy” Combs concerning his vodka brand as a contributing factor for her latest acquisition, noting a void in the market and the importance of having a Black-owned vodka occupy space. The market is heavily dominated by major players such as Diageo PLC and LVMH, with valuations totaling nearly $79 billion and $423 billion, respectively, the outlet mentions.
Uncle Nearest continues to gain a greater piece of the bar with a valuation nearing unicorn status, valued currently at over $900 million following the acquisition, Weaver shares. It was not disclosed how much Uncle Nearest paid for Square One Organic Spirits, but the purchase was supported through the company’s Series E funding round.
“There is a clear demand for brands that are authentically owned and culturally resonant,” Weaver said in a news release provided to AFROTECH™. “Consumers are increasingly discerning, seeking products that not only deliver high quality but also maintain genuine ties to the communities they represent.”
She continued, “This shift towards authenticity has created a pivotal opportunity for a company like ours. With Uncle Nearest’s extensive national distribution network and our deep commitment to heritage and authenticity, we are perfectly positioned to meet this growing demand. By entering the vodka market, we’re not just expanding our portfolio, we’re responding to a consumer call for transparent, culturally connected brands.”
Looking ahead, Square One Organic Spirits will rebrand, through leadership by The Formulation Group, with new gluten-free vodka options and will scale to all states in the country. Additionally, the company’s founder, Allison Evanow, will maintain a leadership role.
“While we have really loved being an independent brand so that we could focus on quality organic ingredients and unique flavor profiles, the intense demands of handling nearly all sales personally underscored the need for stronger backing,” Evanow said in the news release. “Uncle Nearest will not only preserve our independent spirit and world class quality, but also bring the robust sales and distribution capabilities we need to reach our full potential.”
