Canada: Constellation Brands Inks $900 Million in New Deals
Constellation Brands touts itself as the industry leader in beverage alcohol when it comes to producing sales growth. It is also becoming one of the quickest movers on mergers and acquisitions.
On Monday, the producer of Corona beer and Robert Mondavi wines went public with two significant deals: it agreed to sell off the company’s Canadian wine business for $780 million, and it agreed to pay about $120 million to buy the high-end portfolio of Charles Smith Wines. Tucked into the announcement, Constellation Brands also said it recently acquired a minority stake in Bardstown Bourbon Company.
Those transactions come less than two weeks after Constellation Brands stz-b paid $160 million to buy craft spirits maker High West Distillery. The company has also recently paid $1 billion for craft brewer Ballast Point late last year and bought The Prisoner Wine Company portfolio earlier this year.
“We are continuing to refine our total portfolio,” CEO and President Rob Sands told Fortune. “The reason we are doing this is because it’ll generate better returns to our shareholders.”
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