Andrew Peller Ltd. said it has signed arrangements to get three B.C. wineries at a consolidated cost of $95 million on Monday. The company says it hopes to close all deals before the finish of October.
The wine maker says it has consented to conclusive arrangements to obtain Black Hills Estate Winery and Gray Monk Estate Winery and a letter of intent to take on Tinhorn Creek Vineyards.
Andrew Peller CEO John Peller says the company has since quite a while ago loved the three wineries, yet the timing of the arrangements is absolutely unplanned.
“We’re buying them to invest resources into them so that they can achieve their ultimate goals and visions,” he said.
He says the arrangement will give the wineries access to capital and in addition sales and marketing bolster that they didn’t have alone.
“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.
Dark Hills Estate is situated on the Black Sage Bench region close Oliver, B.C., and is the maker of Nota Bene, a top notch red wine.
Gray Monk, established in 1972, is found north of Kelowna, B.C., while Tinhorn Creek Vineyards is on the Golden Mile Bench, close Oliver.
Peller as of now possesses a few wineries in B.C. counting Sandhill, Red Rooster Winery and Calona Vineyards and additionally wineries in Ontario and Nova Scotia.
Andrew Peller said the arrangement will be funded through a mix of $78 million in cash from the company’s credit lines and $17 million worth of class A common offers.