Andrew Peller Limited Provides Update on Acquisition of Three BC Wineries
September 21 2017 - 5:44PM
Andrew Peller Limited (TSX:ADW.A) (TSX:ADW.B) (“APL” or the
“Company”) announced that it has signed a definitive agreement to
acquire 100% of the previously-announced Tinhorn Creek Vineyards.
The winery, located on the Golden Mile Bench near Oliver, B.C.,
sits among 150 acres of vineyards and the winery’s prestigious and
award-winning Miradoro Restaurant. Family-owned and operated since
1993, Tinhorn Creek produces both red and white vintages in the
super premium category sold to fine wine retailers and restaurants,
as well as through on site tastings and events. The company
expects to close the transaction on October 1, 2017.
The Company also announced today that it would
complete the previously-announced acquisition of Gray Monk Estate
Winery on October 1, 2017. The previously announced acquisition of
Black Hills Estate Winery is expected to close on October 10, 2017,
subject to a Black Hills’ Partnership vote scheduled to be held on
October 5, 2017. In connection with the closing of the
transactions, the Toronto Stock Exchange has provided conditional
approval for the issuance by the Company of Class A common
shares.
John Peller, Chairman & CEO of Andrew Peller Limited,
commented “We are excited to confirm the Tinhorn Creek acquisition
as well as the closing dates for Black Hills and Gray Monk Estate
Winery. These premium, super premium and ultra premium wines
complement our VQA portfolio and will help us share more incredible
BC VQA wines with wine consumers across the country.”
About Andrew Peller
LimitedAndrew Peller Limited is a leading producer and
marketer of quality wines in Canada. With wineries in British
Columbia, Ontario, and Nova Scotia, the Company markets wines
produced from grapes grown in Ontario’s Niagara Peninsula, British
Columbia’s Okanagan and Similkameen Valleys, and from vineyards
around the world. The Company’s award-winning premium and
ultra-premium VQA brands include Peller Estates, Wayne Gretzky,
Trius, Thirty Bench, Sandhill, Red Rooster, Raven Conspiracy and
Conviction. Complementing these premium brands are a number of
popularly priced varietal brands including Peller Estates French
Cross in the East, Peller Estates Proprietors Reserve in the West,
Copper Moon, Black Cellar, and XOXO. Hochtaler, Domaine D’Or,
Schloss Laderheim, Royal, and Sommet are our key value priced
brands. The Company imports wines from major wine regions around
the world to blend with domestic wine to craft these quality and
value priced brands. The Company also produces wine based
liqueurs and cocktails under the brand Panama Jack and a craft
cider called No Boats on Sunday. In October 2016, the Company
launched its new Wayne Gretzky No. 99 Red Cask Canadian Whisky in
certain markets across Canada and in 2017 expanded the Spirits
portfolio with No. 99 Ice Cask, 99 Proof and No. 99 Canadian Whisky
Cream products. With a focus on serving the needs of all wine
consumers, the Company produces and markets premium personal
winemaking products through its wholly-owned subsidiary, Global
Vintners Inc., the recognized leader in personal winemaking
products. Global Vintners distributes products through over 170
Winexpert authorized retailers and more than 600 independent
retailers across Canada, the United States, the United Kingdom, New
Zealand, Australia, and China. Global Vintners award-winning
premium and ultra-premium winemaking brands include Selection,
Vintners Reserve, Island Mist, KenRidge, Cheeky Monkey, Traditional
Vintage, and Cellar Craft. The Company owns and operates 102
well-positioned independent retail locations in Ontario under The
Wine Shop, Wine Country Vintners, and Wine Country Merchants store
names. The Company also operates Andrew Peller Import Agency and
The Small Winemaker’s Collection Inc.; both of these wine agencies
are importers of premium wines from around the world and are
marketing agents for these fine wines. The Company’s products are
sold predominantly in Canada with a focus on export sales for
Icewine and personal winemaking products. More information about
the Company can be found at www.andrewpeller.com.
Andrew Peller Limited common shares trade on the
Toronto Stock Exchange (symbols ADW.A and ADW.B).
FORWARD-LOOKING INFORMATIONCertain
statements in this news release may contain “forward-looking
statements” within the meaning of applicable securities laws,
including the “safe harbour provision” of the Securities Act
(Ontario) with respect to Andrew Peller Limited and its
subsidiaries. Such statements include, but are not limited
to, statements about: the expected closing of the transactions and
the timing thereof; the growth of the business in light of the
Company’s recent acquisitions; its launch of new premium wines and
spirits; sales trends in foreign markets; its supply of
domestically grown grapes; and current economic conditions.
These statements are subject to certain risks, assumptions, and
uncertainties that could cause actual results to differ materially
from those included in the forward-looking statements. The
words “believe”, “plan”, “intend”, “estimate”, “expect”, or
“anticipate” and similar expressions, as well as future or
conditional verbs such as “will”, “should”, “would”, and “could”
often identify forward-looking statements. We have based
these forward-looking statements on our current views with respect
to future events and financial performance. With respect to
forward-looking statements contained in this news release, the
Company has made assumptions and applied certain factors regarding,
among other things: the timely satisfaction by the applicable
parties of the conditions to the completion of each transaction,
including receipt of final approval from the Toronto Stock Exchange
for the issuance by the Company of Class A common shares in
connection with the transactions; future grape, glass bottle, and
wine and spirits prices; its ability to obtain grapes, imported
wine, glass, and its ability to obtain other raw materials;
fluctuations in the U.S./Canadian dollar exchange rates; its
ability to market products successfully to its anticipated
customers; the trade balance within the domestic Canadian wine
market; market trends; reliance on key personnel; protection of its
intellectual property rights; the economic environment; the
regulatory requirements regarding producing, marketing,
advertising, and labeling its products; the regulation of liquor
distribution and retailing across provinces; and the impact of
increasing competition.
These forward-looking statements are also
subject to the following risks and uncertainties: the applicable
parties are unable to satisfy the conditions to the completion of
each transaction, including receipt of final approval from the
Toronto Stock Exchange for the issuance by the Company of Class A
common shares in connection with the transactions; and other risks
and uncertainties discussed in this news release, in the “Risks and
Uncertainties” section and elsewhere in the Company’s MD&A and
in the publicly filed disclosure documents of Andrew Peller Limited
which are available at www.sedar.com. Forward-looking
statements are not guarantees of future performance and involve
risks, uncertainties, and assumptions which could cause actual
results to differ materially from those conclusions, forecasts, or
projections anticipated in these forward-looking statements.
Because of these risks, uncertainties and assumptions, you should
not place undue reliance on these forward-looking statements.
The Company’s forward-looking statements are made only as of the
date of this news release, and except as required by applicable
law, the Company undertakes no obligation to update or revise
these forward-looking statements to reflect new information, future
events or circumstances or otherwise.
For more information, please
contact:
For Investors:
Brian Athaide, CFO and EVP Human Resources and
Information Technology(905)
643-0187brian.athaide@andrewpeller.com
For Media:
Freda Colbournecolbournef@gmail.com(416) 560-7794