The agreed deal is in the form of a management buy-in, buy-out and sees the formation of a new company, G&J Greenall Group, led by the current chief executive Christian Rose alongside new non-executive directors Enzo Visone and Warren Scott.
The distille reported sales of £50m in the year to the end of December 2010 and produces more than 50 per cent of the UK's own label gin and vodka. It can trace its roots back to 1761.
Rose said: "This represents an extremely exciting time for the company as we look towards the future of our business. Never before have we been more focussed on our branded portfolio of products alongside our third party bulk and bottling contracts.
"The move is intended to strengthen the position of G&J Greenall as one of the UK’s leading distillers of quality spirits and indeed, the future of the entire business overall. We will be working closely with the current management and new investors to continue our recent growth and capitalize on our innovations in both the on and off trade."
In addition to Greenall’s London Dry Gin – the UK’s second biggest brand behind Gordon’s – the business also produces Bloom, Berkeley Square and Cristalnaya Vodka. It also makes own brand gins for the likes of Tesco, Sainsbury’s and Asda.