Russell Breweries Announces Sale of Business, Split with Fort Garry Subsidiary
On October 11, 2016 At 6:00 pm
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SURREY, BC – Russell Breweries has announced that it has entered into asset purchase agreements that will see its two brewing operations – Russell Brewing in British Columbia, and Fort Garry Brewing in Manitoba – sold to new ownership groups.
Under the agreements, Fort Garry will be sold to a new limited partnership backed by “one of the largest diversified private equity/venture capital firms within the prairie provinces,” while Russell will be taken over by a numbered company owned by Yong Lin and Xiaomin Wang.
According to the announcement of the purchase agreements, the Fort Garry sale will require shareholder approval via a special resolution, while the Russell sale may also require special approval depending on the timing of the Fort Garry sale.
More details are available in the full announcement from Russell Breweries.