The Western Australian brewer announced the signing of the Heads of Agreement yesterday, which will see VOK take over distribution next month.
VOK Beverages also has the opportunity to take a cornerstone investment in Gage Roads by exercising a convertible note facility of $2 million subject to shareholder approval.
The deal signals a new chapter for the craft brewer, which only released its first beer in May 2005. It aims to further drive the company’s innovative beer range into the national market.
Gage Roads CEO Nick Hayler said the agreement with VOK is a major milestone for the company and will secure its future as a leading WA craft brewery.
VOK had reportedly been seeking to enter the beer market for some time and is excited about the agreement, managing director Angelo Kotses said. An extraordinary general meeting of VOK Beverages shareholders will be held to vote on the convertible note agreement.
Gage Roads has a range of award-winning beers, with plans to add cider to its portfolio in August.