Balcones’ founder and builder Chip Tate and the venture capitalist group that invested in the Texan craft distillers back in February 2013 reached an impasse with regards to working together some time ago, and have finally parted company.
Having ended up in court in August of this year following disagreements that stemmed from the distillery expansion the investors were brought in to facilitate, a number of allegations were made and Chip was temporarily suspended. In November, however, Judge Jim Meyer of Waco’s 170th State District Court ruled that the board’s actions taken without Chip in the intervening months were invalid, forcing them back to the negotiating table.
To move forward in any direction, it was clear somebody would have to leave. Chip said back in October that divorce was inevitable and they needed “to act like grown ups” and “decide who gets to keep the house”. With the investors refusing to step aside, Chip Tate today revealed that he has voluntarily taken the decision to sell his shares and resign from the board. Those who know Chip know that he’s not the sort of Texan to twiddle his thumbs though, and he’s also revealed plans for his new Tate & Co Distillery, which breaks ground December 2014!
A press release with more details about Chip’s exciting new project is expected from the man himself shortly. Watch this space for more details. In the meantime, if you’d like to secure a bottle of Balcones whisky or spirits that Chip Tate was involved with before it’s too late, you can find some here.
Charles ‘Chip’ Tate doing what he does best.