Ontario Teachers’ Pension Plan will acquire the Canadian arm of an international beer, wine and spirits producer and marketer for about $1.03 billion.
Apart from its international operations, Constellation Brands has a large presence in Canada with about three-times the market share of its closest competitor and seven of the top 20 wine brands in the Canadian market, according to Ontario Teachers’.
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“Constellation Brands Canada is an ideal addition to our consumer portfolio,” said Jane Rowe, senior vice-president of private capital at Ontario Teachers’. “The company is already the undisputed market leader in the Canadian wine industry and has excellent potential for continued growth and value creation.”
The company is headquartered in Mississauga, Ont. and operates three commercial wineries, five estate wineries and 163 Wine Rack stores throughout the province.
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Ontario Teachers’ expects the acquisition to close before the end of the calendar year.