Brothers Courtney and Carter Reum have created branding company M13

Brothers Courtney and Carter Reum have created branding company M13

The owners of Veev Spirits have sold a majority stake in their business to set up a brand development company. 

Last month, Courtney and Carter Reum agreed to sell a majority stake in Veev to St Louis-based drinks company Luxco. Veev's portfolio includes its namesake acai-based spirit brand and VitaFrute cocktails. Financial details of the deal were not disclosed. 

Meanwhile, the Reums announced late yesterday that their next venture is a holding and branding development company called M13. It will focus on building emerging businesses in Los Angeles. The Reums said it would include a US$100m investment over the next five years. 

"While we were focused on building Veev, we often worked with other brands as investors and board members with a very successful hands on approach," said M13 co-founder Carter Reum.  "We took Veev Spirits through every stage of development: seeing the market opportunity, developing the product, selling it out of the back of our cars, building our customer base, marketing it nationally, creating brand extensions, and successfully selling the brand to a larger company."

The Reums said several companies were already signed up, including drinks companies. 

Earlier this month, Luxco announced plans to build a new distillery in Kentucky's Bourbon heartland.