Constellation Puts Canadian Wine Business Up For Sale
Constellation Brands has put its Canadian wine business on the block, and it’s likely to fetch more than $1 billion. Earlier this year, Constellation said it planned to explore an initial public offering for the Canadian business, which it added a decade ago by acquiring Vincor International—Canada’s biggest wine player—for around $1.1 billion.
But the IPO plans were scrapped after Constellation received bids for the business. According to a report in the Wall Street Journal, Constellation has heard several offers, including from the Ontario Teachers’ Pension Plan and a potential buyer in the drinks industry. A spokesperson for the Pension Plan declined to comment.
Constellation’s Canadian wine business includes wineries such as Jackson-Triggs and Inniskillin, along with a half-dozen others. The Vincor deal also included assets like New Zealand’s Kim Crawford and California’s Toasted Head, but neither of those brands are part of this sale.
For more, read the full story at Shanken News Daily.