Andrew Peller Ltd. to buy three British Columbia wineries for C$95mn
Ontario-based wine producer Andrew Peller Ltd. has announced the agreement of three deals for British Columbia (BC) wineries, totalling $95mn.
The company revealed that is has signed agreements with Tinhorn Creek Vineyards, Black Hills Estate Winery and Gray Monk Estate Winery, in a move that will see the company expand its presence in the region.
“Black Hills has been proud of how we have evolved our quality over the years. This new partnership allows us access to resources and tools to evolve even further,” said Black Hills Estate Winery President, Glenn Fawcett.
“We’ve known the Peller family for many years and share and appreciate the same values and approach to quality winemaking. We are delighted to partner with them to continue the legacy of Gray Monk Estate Winery in the Okanagan,” said George Heiss, Co-Owner of Gray Monk Estate Winery.
“Andrew Peller will continue the long-term development and growth in the Okanagan that we started,” said Sandra Oldfield, CEO, Tinhorn Creek Vineyards.
CEO of Andrew Peller, John Peller, revealed that plans for expansion have been in the works for some time, with the deal designed to access capital and increase sales and marketing capacity of the company.
“We have long admired these leading estate VQA wineries and now it is a privilege to bring their ultra-premium wines and talented people into our family,” he said.
“With our investment and resources, these wines have the potential to grow, develop and compete in the growing luxury wine market around the world.”
The transactions will see Andrew Peller part with $78mn in cash and $17mn in class A common shares, making up the total sum of the deals that are all expected to close before the end of October 2017.