A couple of big moves by Constellation Brands announced on Monday. The company is selling its Canadian wine business for just over $1 billion and is purchasing a Washington-state based line of wines for $120 million.
Constellation is selling the Canadian wine business to Ontario Teachers’ Pension Plan, the largest single-profession pension plan in Canada. Constellation will continue to own Black Velvet Whiskey and a related production facility in Alberta. The deal is subject to regulatory approval and is expected to close by the end of the year.
President and CEO for Constellation Brands, Rob Sands, says this is part of the company’s strategy to focus on premium, high margin and high growth brands.
The Victor-based company is also acquiring the Charles Smith Wines collection of five super and ultra premium wines for approximately $120 million.
On Monday, Constellation also announced it has completed its previously announced acquisition of High West Distillery, which includes a portfolio of high-end whiskeys.
