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Transaction/Case Details

Corby Spirit and Wine acquires The Foreign Affair Winery

DATE CLOSED

October 2, 2017

BUSINESS SECTOR

Food & Beverage

LEAD OFFICE

Toronto

VALUE

6.2 Million CAD


OVERVIEW

On August 25, 2017, Corby Spirit and Wine Limited ("Corby" or the "Company"), a leading Canadian manufacturer, marketer and distributor of spirits and imported wine, announced it entered into an agreement to acquire all of the shares the winery and assets of the vineyard, which together operate as the Foreign Affair Winery ("Foreign Affair"), a Niagara, Ontario-based VQA wine producer for a purchase price of C$6.2 million in cash. The transaction resulted 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.

Founded in 2000 by Len and Marisa Crispino, 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 brand portfolio and other assets acquired by Corby will continue to operate from Foreign Affair's current location in Vineland, Ontario. As part of the transaction, Len and Marisa Crispino will continue to remain involved following closing, together with the existing Foreign Affair team. 

McCarthy Tétrault LLP advised Corby Spirit and Wine Limited with a team led by Lara Nathans that included Matt Harris, Scott Bergen, Yaroslavna Nosikova (Corporate), Ted Cox, Charlene Schafer (Real Property), Marie-Soleil Landry (Tax), Vincent Yip (Intellectual Property), and Ben Aberant (Labour & Employment).

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