Andrew Peller has completed the divestment of its Granville Island Brewing Company to Molson Coors' Creemore Springs Brewery.

The transaction, originally announced in October last year, sees Creemore Springs also take ownership of Andrew Peller's Mainland Beverage Distribution subsidiary. Financial details behind the sale, which closed earlier this week, were not disclosed. Proceeds will be used to reduce long-term debt and bank indebtedness.

“The sale allows the company to more effectively focus on its key strengths and long-term strategy to build and market its leading portfolio of premium and ultra-premium wines through best-in-class distribution practices in all trade channels across Canada,” the firm said.

Andrew Peller owns wineries in British Columbia, Ontario and Nova Scotia. Creemore Springs Brewery is a craft brewer owned by Molson Coors Canada.