Leicestershire based Everards, which has 161 managed and tenanted pubs, said the decision would allow it to concentrate on its pub estate.
Stephen Gould, managing director for Everards, said: "We believe this deal enables us to focus our efforts and resources on what we do best, which is running a high-quality pub estate and brewing fine cask ales."
There are expected to be nine redundancies at Everards following the completion of the deal.
Everards free-trade business has a turnover of £12m and 500 customers operating their businesses within a 70 mile radius of its brewery in Narborough, Leicestershire.
WaverleyTBS will sell Everards cask ales, which includes Tiger Best Bitter and Beacon Bitter, through its UK-wide distribution network as part of the deal.
By Chris Druce