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.
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
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