USA: Constellation Increases Presence in Scotland with Acquistion of Forth Wines Limited
Constellation Brands, Inc. (NYSE: STZ, STZ.B) today announced that its Matthew Clark division has reached agreement to purchase 100% of the stock of Forth Wines Limited, a wine and spirit wholesaler operating primarily in Scotland. The total purchase price, including the assumption of debt, is approximately 5.6 million British pounds sterling, or $8.1 million based on an exchange rate of approximately $1.45 per British pound sterling.Peter Aikens, President and Chief Executive Officer of Matthew Clark plc, said, "The addition of the Forth Wines team further strengthens our position as the United Kingdom's largest independent wholesaler. This transaction will makes us the leading provider of wine to the on-premise market in Scotland."In its most recent fiscal year ended April 30, 2000, Forth Wines Limited reported gross sales of 27 million British pounds sterling ($39 million) and earnings before interest, taxes, depreciation and amortization (EBITDA) of approximately 0.6 million British pounds sterling ($0.9 million). After synergies, EBITDA is expected to exceed 1.0 million British pounds sterling ($1.45 million).Constellation Brands, Inc., headquartered in Fairport, New York, is a leader in the production, marketing, and distribution of beverage alcohol products in North America and the United Kingdom. The Company markets leading brands of imported beers, wines, spirits, cider and bottled water, and is a leading drinks wholesaler in the United Kingdom. The Company can be found on the Internet at
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