TORONTO, Aug. 25, 2017 /CNW/ - Corby Spirit and Wine
Limited ("Corby" or the "Company") (TSX: CSW.A, CSW.B), a leading
Canadian manufacturer, marketer and distributor of spirits and
imported wine, announced today that it has entered into an
agreement to acquire all of the shares the winery and assets of the
vineyard, which together operate as the Foreign Affair Winery
("Foreign Affair"), a Niagara, Ontario-based VQA wine producer for a purchase
price of $6.2 million, to be paid in
cash. The transaction will result in Corby's acquisition, through a
wholly-owned subsidiary, of Foreign Affair's portfolio of premium
award-winning Ontario red, white
and rose wines, including Temptress, Enchanted, Amarosé and The
Conspiracy brands, as well as related production assets and
inventory. The transaction is expected to close on September 29, 2017, allowing for a smooth
transition and customary conditions.
Founded in 2000 by Len and Marisa
Crispino, Foreign Affair operates a 40-acre vineyard located
in Vineland on the Niagara
peninsula. Foreign Affair sells its products through a variety of
channels including directly from its on-site retail store, to wine
club customers, and through the LCBO and SAQ. Foreign Affair is
recognized as the first Canadian winery to craft wines exclusively
applying the Italian appassimento technique for winemaking, which
produces denser and more concentrated juices. The winery also
offers tastings on-site to members of the public and private
dinners, as well as exclusive offers through private membership in
its wine club.
The brand portfolio and other assets acquired by Corby will
continue to operate from Foreign Affair's current location in
Vineland, Ontario. As part of the
transaction, Len and Marisa Crispino
will continue to remain involved following closing, together with
the existing Foreign Affair team.
"We are very excited to announce this transaction and look
forward to welcoming Len, Marisa and The Foreign Affair Winery team
to the Corby family," said Patrick
O'Driscoll, President and CEO of Corby. "This
transaction will allow us to complement our wide portfolio of
represented international wines with uniquely-styled, premium
Canadian wines. Our companies share similar values, culture and
passion and together we hope to leverage our resources to build on
the strong legacy they have developed for Foreign Affair and its
brands."
"We are ecstatic to have entered into this agreement with such a
strongly innovative Canadian recognized market leader", said
Len Crispino, Proprietor of Foreign
Affair. "Our mutual business values are grounded in continuous
innovation; strong customer engagement and loyalty; a commitment to
lasting and memorable experiences; and a focus on the premium
segment of the market. Corby's extensive experience and reputation
should strengthen the brand of the winery and raise the profile of
Canadian wine industry. Marisa and I are delighted to continue to
play a strategic role in taking the Foreign Affair Winery to the
next level of excellence."
"This transaction marks a continuation of Corby's commitment to
the efficient deployment of its cash resources in order to develop
new income streams and invest in the heritage of local brands,"
commented Corby's Chair of the Board of Directors, George McCarthy.
About Corby
Corby Spirit and Wine Limited is a leading
Canadian manufacturer, marketer and distributor of spirits and
imported wines. Corby's portfolio of owned-brands includes some of
the most renowned brands in Canada, including J.P.
Wiser's®, Lot 40®, and Pike Creek® Canadian whiskies, as
well as Lamb's® rum, Polar Ice® vodka and McGuinness® liqueurs, in
addition to the recently acquired Ungava® Premium Canadian gin,
Cabot Trail® maple-based liqueurs and Chic Choc® Spiced rum.
Through its affiliation with Pernod Ricard S.A., a global leader in
the spirits and wine industry, Corby also represents leading
international brands such as ABSOLUT® vodka, Chivas Regal®, The
Glenlivet® and Ballantine's® Scotch whiskies, Jameson® Irish
whiskey, Beefeater® gin, Malibu® rum, Kahlúa® liqueur, Mumm®
champagne, and Jacob's Creek®, Wyndham Estate®, Stoneleigh®, Campo
Viejo®, Graffigna® and Kenwood® wines. In 2017, Corby was named one
of the 50 Best Workplaces in Canada by The Great Place to Work® Institute
Canada for the sixth consecutive year, and was also listed among
Greater Toronto's Top 100
Employers. Corby is a publicly traded company based
in Toronto, Ontario, and
listed on the Toronto Stock Exchange under the trading symbols
CSW.A and CSW.B. For further information, please visit
our website or follow us on LinkedIn, Twitter
(@CorbySW), and Instagram (@CorbySW).
About Foreign Affair
The Foreign Affair Winery is a
boutique winery established in 2000 in Vineland, Ontario, and specializes in making
prestigious wines in the Amarone-style tradition. The winery's
brands, including,The Conspiracy, Enchanted, Temptress, Dream,
Amarosé and Apologetic Red, span a wide array of varietals,
including Cabernet Sauvignon, Merlot, Cabernet Franc, Petit Verdot,
Pinot Noir, Sauvignon Blanc, Chardonnay and Riesling. In 2013, it
was awarded the Premier's Award for Agri-Food Innovation Excellence
for pioneering the appassimento approach to winemaking in
Canada. For more information,
please visit www.foreignaffairwinery.com.
Forward Looking Statements
This press release contains
forward-looking statements, including statements concerning
possible or assumed future results of Corby's operations.
Forward-looking statements typically are preceded by, followed by
or include the words "believes", "expects", "anticipates",
"estimates", "intends", "plans" or similar expressions.
Forward-looking statements are not guarantees of future
performance. They involve risks, uncertainties and assumptions and,
as such, actual results or expectations could differ materially
from those anticipated in these forward-looking statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. All financial results are reported in
Canadian dollars.
SOURCE Corby Spirit and Wine Limited