Andrew Peller to buy three BC wineries for $95 million
Posted September 11, 2017 10:06 am.
Last Updated September 11, 2017 2:12 pm.
This article is more than 5 years old.
GRIMSBY, Ont. (NEWS 1130) – Andrew Peller Ltd. has signed deals to acquire three BC wineries for a combined price of $95 million.
The Ontario-based wine producer says it has signed definitive agreements to acquire Black Hills Estate Winery and Gray Monk Estate Winery and a letter of intent to acquire Tinhorn Creek Vineyards.
Black Hills Estate is located on the Black Sage Bench region near Oliver and is the producer of Nota Bene, a premium red wine. Gray Monk is located north of Kelowna, while Tinhorn Creek Vineyards is on the Golden Mile Bench, near Oliver.
“My grandfather started our business in the Okanagan nearly 60 years ago, and we have always been inspired by the Valley’s promise to make wines that rival the very best in the world,” says John Peller, Andrew Peller Limited’s Chief Executive Officer.
“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. With our investment and resources, these wines have the potential to grow, develop and compete in the growing luxury wine market around the world.”
Andrew Peller says the deal will be funded though a combination of $78 million in cash from the company’s credit lines and $17 million worth of class A common shares.
The company says it expects to close all of the deals by the end of October.
Andrew Peller has wineries in British Columbia, Ontario, and Nova Scotia.
