Melbourne-based distiller Prime Shelf Worldwide (TSI) has agreed to promote its Campbellfield manufacturing facility to IDL for AU$8million (US$5.1m).
The AU$8m money sale contains TSI’s canning and bottling strains, brewhouse and distillery, however excludes TSI’s whisky maturation and warehouse facility in Somerton, which is located close by.
TSI has additionally agreed to promote a small portion of its extra bulk whisky stock to IDL.
Funds from the Campbellfield sale will go in the direction of decreasing TSI’s money owed.
Upon completion of the sale, TSI will even enter a co-packaging association with IDL for its branded merchandise.
An announcement to its shareholders learn: “Proceeds acquired from the sale of the operational and manufacturing belongings and the surplus bulk whisky shall be utilized in the direction of transaction prices and decreasing the Firm’s money owed, together with the discount of the corporate’s excellent ATO excise legal responsibility.
“Concurrently, Prime Shelf intends to enter right into a co-packing association with IDL for the manufacturing of its branded merchandise following the completion of the sale.
“Completion of the sale is conditional on the negotiation of long-form documentation, and different customary circumstances precedent (together with acquiring all crucial third-party consents or approvals, and novation or project of related leases and contracts).”
Established in 2014, TSI’s merchandise embrace Australian whisky Ned, and Grainshaker vodka. The corporate additionally makes Australia’s first agave spirit, Act of Treason, which launched an aged expression earlier this month.
IDL takes care of a portfolio of wine, cider, ready-to-drink (RTD) and non-alcoholic merchandise. The corporate modified its title from Idyll Wine Co in 2023 to replicate its transfer away from being solely wine-focused.
In October final yr, TSI voluntarily suspended buying and selling of its gross sales shares after which explored gross sales alternatives two months later in December. The corporate was unable to launch its audited monetary statements on 30 September 2024.
On 12 April 2024, TSI signed a AU$5m (US$3.1) lease-back deal on its agave farm – positioned at Eden Lassie in Whitsundays – to an entity associated to non-executive director Stephen Grove.
The 430-hectare farm grows Blue Weber agave, and on the time of its planting, it was seen as having the potential to develop into a AU$100m annual enterprise.
Nonetheless, TSI’s full-year 2025 quarterly report, dated 31 October, revealed the sale and lease-back of the Eden Lassie agave farm was deserted.
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