Fife-based gin and whisky distiller Eden Mill has been bought by the private equity firm Inverleith LLP.
The deal for a majority stake in the company will see a new distillery built on the Eden Campus at St Andrews University.
It will include a visitor centre, shop and restaurant when it opens by 2023.
The new owners, who have not disclosed the purchase price, said the investment would allow Eden Mill to expand distribution in the UK and abroad.
Eden Mill's current distillery in St Andrews is working to full capacity.
Established in 2012 by Tony Kelly and Paul Miller, Eden Mill produces award-winning gins including Forager, Golden Lore and Rosa Rosa as well as its Original and Heritage brands.
In 2018, it launched the first of five limited edition single malt whiskies and is looking to expand in markets such as China and India.
Managing director Paul Miller said Inverleith LLP was "the right partner to drive and support the next and most significant stage of the Eden Mill journey".
Mr Miller will continue to lead the business, heading a new senior executive team. A newly-formed board of directors will also be put in place.
Inverleith LLP invests in consumer brand companies in the premium food and drink, health and wellness, and lifestyle sectors. It is a former majority stakeholder The Scotch Malt Whisky Society.
Its managing partner Paul Skipworth said Eden Mill was "a fantastic addition" to his company's portfolio of premium consumer brands.
He said: "We admire the work that Eden Mill has done to date in developing high-quality, great-tasting gins and Scotch whiskies.
"We look forward to helping the brand and its products achieve international success."
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