Well, here’s a shocker from Ontario wine country: Corby Spirit and Wine Limited, a leading Canadian manufacturer, marketer and distributor of spirits and imported wine, announced today that it has entered into an agreement to acquire Foreign Affair winery.
Corby paid $6.2 million in cash for the Niagara-based VQA wine producer that specializes in appassimento-style wines.
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 Sept. 29, allowing for a smooth transition and customary conditions.
Founded in 2000 by Len and Marisa Crispino (above), 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. 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.
Comment here