/PRNewswire/ -- Truett-Hurst, Inc. (NASDAQ: THST) announced today that it sold its wholesale wine business to Precept Brands LLC ("Precept"). Truett-Hurst's wholesale wine business consists of the Company's wholesale bottled wine inventory, brands, supplies and bulk wine inventory used for the Company's "control label" wine brands and related intellectual property. These wholesale brands are produced under a variety of labels and sold primarily to national retail chains. The Company will retain its Direct to Consumer business and Dry Creek Valley Estate in Healdsburg, California.

Precept has acquired from the Company all the assets comprising its wholesale wine business for approximately $18,000,000 in cash, subject to post-closing adjustments, and ongoing royalty payments relating to certain of the acquired wholesale wine brands pursuant to a Royalty Payment Agreement. The transaction is expected to result in proceeds of approximately $15.9 million for the Company, net of taxes and transaction-related expenses and fees. In addition, the Company will continue to provide certain services to Precept relating to the wholesale wine business through the current harvest period under a Transition Services Agreement.