Top Shelf International (TSI) says it has officially sold its Campbellfield production facility to Idyll Wine Co (IDL). It announced the proposed sale in February.
The deal includes all operational and production assets at the Melbourne facility, including of its canning and bottling lines, brewhouse and distillery. It also includes a small portion of its excess bulk whisky inventory, but not TSI’s whisky maturation and warehouse facility at Somerton.
The total consideration is $8 million (subject to certain purchase price adjustments, including for certain historical entitlements of transferring employees) will be paid in cash.
Proceeds of the sale will go towards paying down debt, including TSI’s outstanding excise liability to the Australian Taxation Office.
TSI said it intends to enter a co-packing arrangement with Idyll for its branded products. Its brands include Ned Whiskey, Grainshaker Vodka, and Act of Treason Australian Agave.
