Newspaper article The Canadian Press

Andrew Peller to Buy Three B.C. Wineries for Combined Price of $95 Million

Newspaper article The Canadian Press

Andrew Peller to Buy Three B.C. Wineries for Combined Price of $95 Million

Article excerpt

Andrew Peller to buy three B.C. wineries

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GRIMSBY, Ont. - Andrew Peller Ltd. (TSX:ADW.A, TSX:ADW.B) said Monday it has signed deals to acquire three B.C. 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.

Andrew Peller chief executive John Peller says the company has long-admired the three wineries, but the timing of the deals is purely coincidental.

"We're buying them to invest resources into them so that they can achieve their ultimate goals and visions," he said.

He says the deal will give the wineries access to capital as well as sales and marketing support that they did not have on their own.

"Our goal is to invest in the culture and legacy that they've established and then be in a position where we can add resources to their plans going forward," he said. …

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