South Beach Spirits to Acquire Striped Pig Distillery
Steve’s breakdown: It’s not just this purchase that makes this news interesting. It’s the fact that South Beach is planning a number of acquisitions. So get in there before they get too big for their britches.
SUNRISE, FL: South Beach Spirits, Inc.(OTC PINK: SBES) today announced the signing of a letter of intent to purchase a controlling equity interest in Striped Pig Distillery, LLC (“Striped Pig“) in exchange for shares of SBES. In addition, the letter of intent contemplates SBES making a cash working capital contribution to Striped Pig.
Striped Pig, based in North Charleston, South Carolina is an artisanal producer of high quality rum products, gin, vodka, and moonshine brands under their name, and also provides contract manufacturing services for a number of other brands. Their own line of products, distilled from locally harvested corn and sugarcane, are geared to the premium market. Their recent aggressive growth in contract manufacturing drew the interest of SBES as a vehicle for additional SBES investment opportunities now under consideration.
Vincent Prince, CFO of South Beach Spirits Inc., stated, “This acquisition is the first of a series of planned spirits industry investments by SBES that are planned in order to build upon the vertical integration and supply chain control that synchronizes, and unifies additional opportunities now under consideration. We all look forward to executing final agreements to complete this very strategic transaction over the next few weeks.”
The closing of the transaction is subject to the completion of due diligence, execution of definitive transaction documents between the parties, and preparation of audited and unaudited financial statements for Striped Pig Distillery.
South Beach Spirits, Inc. (SBES) is a Florida-based alcoholic beverage development, marketing, and distribution holding company.