Heineken UK has announced the sale of wholesaler WaverleyTBS (WTBS) to investment and advisory firm Manfield Partners for an undisclosed sum.
Mark Gerken has stepped down from his role as WTBS chairman but current employees will be retained, Heineken UK said.
Manfield, WTBS and a third party have invested in the venture and WTBS will operate as an independent UK drinks wholesaler. WTBS managing director Jonathan Townsend will stay on and a new board structure will include members of WTBS and Manfield.
"We are very pleased to have agreed this deal with Manfield and it provides a strong position for all three parties," said Heineken UK managing director Stefan Orlowski.
"From a Heineken perspective, the sale enables us to better concentrate attention on our core business and to focus investment behind our brands.
"For WTBS, it builds on a successful restructuring programme already in place, and the new owners will be well placed to develop the business further, bringing the focus and strategic direction that will come from independent operation.
WTBS managing director Jonathan Townsend said: "Whilst we have today announced new ownership, it is very much business as usual for our team and our customers.
"It is important for us to carry through the plans we have in place and to set our sights on a sustainable long term future. The Manfield team will help us realise these ambitions and consolidate our position as the UK's leading specialist drinks wholesaler."
WTBS subsidiary United Wine Merchants, operating in Northern Ireland, will remain part of Heineken UK.