B.C. company sells Fort Garry Brewing Company

The owner of Fort Garry Brewing Company says it has sold the beer maker to a Manitoba-based limited partnership.

Vancouver-based Russell Breweries announced it has sold Fort Garry for $7.7 million. The company has owned Fort Garry since 2007.

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The purchaser, Fort Garry Brewing Company Limited Partnership, is backed by one of the largest diversified private equity firms in western Canada, said Russell Breweries in a news release on Friday.

The sale comes after a "long and extensivestrategic review" of Russell Breweries, the company said.

Russell said if a higher, unsolicited bid comes through it may terminate the deal with Fort Garry Brewing Company Limited Partnership at a cost of $750,000.

The company also sold a separateasset,Russell Breweries, to a B.C.-based limited company; effectively selling off all of its operating businesses.

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