Andrew Peller Limited announced today that it has signed definitive agreements to acquire 100 per cent of Black Hills Estate Winery and Gray Monk Estate Winery, and has entered into a letter of intent to acquire 100 per cent of Tinhorn Creek Vineyards, for a combined purchase price of $95 million.
“We have long admired these leading estate VQA wineries and now it is a privilege to bring their ultra-premium wines and talented people into our family,” said John Peller, Andrew Peller Limited’s Chief Executive Officer. “With our investment and resources, these wines have the potential to grow, develop and compete in the growing luxury wine market around the world.”
Black Hills Estate Winery, located on the Black Sage Bench near Oliver, is one of Canada’s most prestigious wine producers with an award-winning portfolio of premium and ultra-premium wines, including its flagship Nota Bene, the number one ultra-premium red wine in Canada. Recognized for its terroir and 50 acres of vineyards, the winery consistently sells out of its high performing portfolio of VQA wines.
“Black Hills has been proud of how we have evolved our quality over the years. This new partnership allows us access to resources and tools to evolve even further,” said Glenn Fawcett, president of Black Hills Estate Winery.
Tinhorn Creek Vineyards, located on the Golden Mile Bench, the Okanagan’s only sub appellation near Oliver, sits among 150 acres of vineyards and the winery’s prestigious and award-winning Miradoro Restaurant. Family-owned and operated since 1993, Tinhorn Creek produces both red and white wines in the ultra-premium category.
“It has been the honour of my life to have helped build Tinhorn Creek, to make great wines with an attention to sustainability and most importantly, to run our business with empathy toward our employees, our customers and our community,” said Sandra Oldfield, CEO of Tinhorn Creek Vineyards. “Andrew Peller will continue the long term development and growth in the Okanagan that we started.”
Completion of the each transaction is subject to a number of conditions customary for transactions of this nature and, in the case of Tinhorn Creek Vineyards, entering into a definitive agreement.