Russell Breweries has confirmed it is selling both Fort Garry and Russell Brewing to two separate companies. 

Fort Garry Brewing Company is being sold for close to $8m ($7,715,545.00) to a newly established Manitoba-based Limited Partnership, which is backed by “one of the largest diversified private equity/venture capital firms within the prairie provinces” said the company.

Russell Brewing is being purchased by a company owned by Yong Lin and Xiaomin Wang.

The Company said the closing of the Fort Garry Sale and the Russell Brewing Sale will occur at the end of November 2016.

“After an extensive process that started in early 2015 to evaluate and pursue various strategic options for the company, we are very pleased with the signing of these two asset purchase agreements.

“We look forward to closing these two transactions and providing a return of capital to our shareholders in the near future,” explained Benjamin Li Yu, director and CEO of Russell Breweries Inc.