A Florida beverage company is looking to buy a 50 percent stake in a North Charleston liquor maker.
South Beach Spirits Inc. said it has signed of a letter of intent to issue 750,000 shares to acquire a controlling equity interest in Striped Pig Distillery LLC.
The deal also includes $300,000 in cash to be used for working capital.
The terms were disclosed in a filing with the Securities and Exchange Commission.
Striped Pig is an artisanal producer of rum products, gin, vodka and other alcoholic products using local ingredients under its own name. The company also is a manufacturing contractor for other brands.
The distillery began producing liquor in 2013 in a warehouse on Old School Drive.
South Beach finance chief Vincent Prince said the deal “is the first of a series of planned spirits industry investments” it is planning to make.
“We all look forward to executing final agreements to complete this very strategic transaction over the next few weeks,” he said in a written statement.
South Beach Spirits said it was attracted to Striped Pig by its “recent aggressive growth” in its contract manufacturing business.
Shares of the Sunrise, Fla.-based company trade on the over-the-counter market. They were priced at 8 cents on Tuesday.