The ownership of the Lough Gill Distillery in County Sligo has been bought by The Sazerac Company, one of the world's biggest distilled spirits companies.
Sazerac brands include Paddy Irish Whiskey, Michael Collins Irish Whiskey, Buffalo Trace Bourbon, Pappy Van Winkle Bourbon and Southern Comfort.
Under the terms of the deal for Hazelwood Demesne, it is reported that The Sazerac Company plans to fully develop the more than 100 acre site, the original demesne of Hazelwood House, to create a new whiskey facility and visitor attraction.
When finished, Lough Gill Distillery hopes to welcome up to 150,000 visitors annually and will create a homeplace for Sazerac's Irish whiskeys, Paddy and Michael Collins.
It also plans to significantly grow the footprint of Lough Gill Distillery through increasing the distillery's capacity, adding warehousing capacity and expanding production and bottling lines.
All current Lough Gill Distillery team members will remain with the business, and it is expected that Sazerac will increase employment after the expansion.
Also, as part of the acquisition, Sazerac will continue the development of the new Athrú whiskey brand, including global distribution.
David Raethorne, founder of the Lough Gill Distillery, said the deal is a major announcement for Sligo and a vote of confidence in the potential for Sligo to become a major player in the booming global Irish whiskey market.
Lough Gill Distillery also announced that former Bushmills Master Blender, Helen Mulholland, is joining the team in Sligo.
In 2018, Helen became the first woman to be inducted into the International Whisky Magazine Hall of Fame and has recently become the first woman to receive a Chairman's Award for her outstanding contribution to the development of the Irish whiskey industry.