B.C. company sells Fort Garry Brewing Company
A Manitoba limited partnership has purchased the beer maker
The owner of Fort Garry Brewing Company says it has sold the beer maker to a Manitoba-based limited partnership.
Vancouver-based Russell Breweries announced it has sold Fort Garry for $7.7 million. The company has owned Fort Garry since 2007.
The purchaser, Fort Garry Brewing Company Limited Partnership, is backed by one of the largest diversified private equity firms in western Canada, said Russell Breweries in a news release on Friday.
The sale comes after a "long and extensive strategic review" of Russell Breweries, the company said.
Russell said if a higher, unsolicited bid comes through it may terminate the deal with Fort Garry Brewing Company Limited Partnership at a cost of $750,000.
The company also sold a separate asset, Russell Breweries, to a B.C.-based limited company; effectively selling off all of its operating businesses.