Metavesco to acquire Striped Pig Distillery and Local Choice Spirits in major industry deal

Metavesco, Inc. (OTC PINK: MVCO), a leading entity in web3 and digital assets, has announced a significant step in its strategic expansion by executing a non-binding Letter of Intent (LOI) to acquire Striped Pig Distillery and Local Choice Spirits, both esteemed names in Charleston’s craft spirits industry. This acquisition represents Metavesco’s ambitious entry into the craft spirits market, combining its digital innovation expertise with the established legacy of these renowned distilleries.

Striped Pig Distillery, one of South Carolina’s oldest distilleries, has built a reputation for its high-quality, handcrafted spirits since its founding. Its portfolio, which includes multiple award-winning products, has set a high standard in the industry. Local Choice Spirits, led by the influential entrepreneur Pixie Paula Dezzutti, has also made a mark with its innovative products and strong regional presence. Dezzutti, honoured in Forbes’ “Top 50 Over 50” in 2023 and recipient of the International Woman of the Year Award from the Atlanta Chamber of Commerce in 2022, brings significant industry clout to the table.

The acquisition highlights include approximately 1,000 barrels of aged bourbon valued at over $18 million at retail, alongside 16 active product SKUs ranging from vodkas and rums to gins, whiskeys, and tequila. The distillery’s production capabilities allow for the annual production of 300 high-quality bourbon barrels. The products are distributed across 20 states and available through e-commerce platforms, ensuring a broad market reach. The acquisition will also bring together a management team with over 100 years of combined industry experience, reinforcing the strategic strength of the combined entities.

As part of the acquisition deal, Metavesco will issue a mix of 2-year restricted common stock, preferred stock, and a 2-year convertible note amounting to $2 million. Additionally, Metavesco will assume approximately $1.2 million in debt from the acquired businesses. This move underscores the company’s commitment to integrating these brands and enhancing their market position.

Ryan Schadel, CEO of Metavesco, expressed confidence in the transition, stating that although stepping down as CEO was a notable decision, Pixie Dezzutti’s appointment is expected to significantly benefit shareholders. Schadel praised Dezzutti’s track record of entrepreneurial success and industry recognition, which he believes will drive Metavesco’s future growth and innovation. Dezzutti’s notable achievements, including her role as a panelist at the Atlanta Chamber of Commerce’s seminar on NFTs and her Amazon best-selling book, “Alphabet Soup,” further illustrate her leadership and forward-thinking approach.

Pixie Dezzutti commented on the acquisition, noting that the integration of Striped Pig Distillery and Local Choice Spirits into Metavesco presents an exciting opportunity to expand their reach nationally. She highlighted the rapid evolution of the beverage industry and her readiness to lead Metavesco into this new phase of growth and innovation. Dezzutti is confident that the acquisition will enable the companies to achieve exceptional success in the expanding craft spirits market.

While the deal is still subject to finalisation, all parties are working diligently to complete a definitive purchase agreement, with a target closing date set within the next 30 days. This acquisition could mark a pivotal moment in the craft spirits industry, blending traditional distilling excellence with cutting-edge digital innovation.