MOBILE, Ala. (AP) -- Beer distributor Gulf Distributing Holdings LLC plans to merge with Montgomery-based Allstate Beverage Co. by the end of this year.
Under the agreement, Allstate part-owner Charles Grant will sell half his ownership interest to Elliott Maisel, chairman of Mobile-based Gulf Distributing, said Grant's brother and Allstate co-owner Walker Grant.
Charles Grant will maintain the rest of his interest, and Walker Grant will maintain all his interest, leaving the Grants as minority owners of the combined company, Walker Grant told the Press-Register in Mobile Thursday.
The price to be paid to Charles Grant was not disclosed. Maisel said the combined firms would have yearly revenue around $200 million. Grant said Allstate, with warehouses in Montgomery, Demopolis and Dothan, has about 150 employees. Maisel said Gulf Distributing has about 500 employees.