Business
Corby Spirit and Wine to acquire the spirits business of Domaines Pinnacle
Corby Spirit and Wine to acquire the spirits business of Domaines Pinnacle Corby S...
About this update from Corby Spirit And Wine Limited Class A
[{"type":"text","content":"\n\n\n\nCorby Spirit and Wine to acquire the spirits business of Domaines Pinnacle\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nCorby Spirit and Wine to acquire the spirits business of Domaines Pinnacle\nCanada NewsWire\nTORONTO, Aug. 31, 2016\n\n\n\n\n\n\nNew entity to continue in Quebec as Ungava Spirits Co. Ltd.\n\n\n\nTORONTO, Aug. 31, 2016 /CNW/ - Corby Spirit and Wine Limited (\"Corby\" or the \"Company\") (TSX: CSW.A, CSW.B), a leading Canadian marketer and distributor of spirits and imported wine, announced today that it has entered into an agreement to acquire the spirits assets of Domaines Pinnacle Inc., a Quebec-based spirits and cider producer, for a purchase price of $12 million, to be paid in cash. The transaction includes Domaines Pinnacle's spirits portfolio of distinctly Canadian brands, including the unique Ungava® Premium Canadian gin brand, Chic Choc® spiced rum, and a range of maple-based liqueurs including Coureur des Bois® and Cabot Trail®, as well as related production assets and inventory. The transaction is expected to close on September 30, 2016, allowing for a smooth transition and customary conditions.\n\nFounded in 2000 by Charles Crawford and Susan Reid, Domaines Pinnacle, based in Cowansville, Quebec, was established as a cider business (the assets of which Corby is not purchasing) and later expanded into distillation and production of artisanal spirits. Today, its products are available across Canada and more than 50 countries worldwide. Domaines Pinnacle was awarded nearly 50 national and international medals in 2015 for its high-quality products, including being named Canadian Distillery of the Year at the New York International Spirits Competition.\n\nSubject to the closing of the transaction, the brand portfolio and other assets acquired by Corby will be operated as Ungava Spirits Co. Ltd., (\"Ungava Spirits\") a new, wholly-owned subsidiary of the Company incorporated to purchase the Domaines Pinnacle spirits assets. Ungava Spirits will continue to operate from the current locat...