Panache Beverage, a New York-based alcoholic beverage company, has signed an asset purchase agreement to buy Empire Winery and Distillery (EWD) of Hudson, Florida.
The expected acquisition will include right, title and interest of all the EWD's assets including the buildings, inventory and equipment.
Post acquisition, EWD will re-open as Panache Distillery by the end of 2013.
Panache produces Wodka vodka and Alibi American Whiskey,
The newly branded facility will look after distillation, bottling and sales operations of Panache's premium spirits brands, Wodka vodka and Alibi American Whiskey.
The acquisition of the distillery will help Panache achieve vertical integration of its business, and facilitate control of supply chain and increased margin and cost control.
The deal will also allow Panache to expand its business by adding bulk spirits production and third-party contract distillation and co-packing as ancillary businesses.
Panache Beverage CEO James Dale said moving to manufacturing is a critical step for both Panache and its brands.
"The distillery will provide us with means to manage the supply of our own brands while also providing the parent company with new and diverse revenue streams," Dale added.
