CANADA: Vincor acquires Australian winemaker
The Northern American wine group Vincor International has entered into an agreement to acquire privately held Amberley Estate Pty Ltd. of Margaret River, Australia.
Vincor will pay A$24.8m for the shares of Amberley which has an enterprise value of A$36.2m.
"Amberley and Goundrey complement each other perfectly. By completing this acquisition, Vincor will enhance its production and portfolio of fine Western Australian wine brands and greatly increase its sales and distribution capability in the important Oceania region", said Donald Triggs, Vincor's president and CEO.
Amberley was established in 1985 and is based in the Margaret River region of Western Australia. Sales volume for Amberley are over 100,000 cases annually focusing on Margaret River super-premium red and white wines, with a specialty in Chenin Blanc.
In a statement, Vincor said the winery's business will be integrated with those of Goundrey and managed by Rich Hanen, president of Vincor's Goundrey Wines. As a result, the combination of Goundrey Wines with Amberley will create one of the largest Western Australian wine producers.
The acquisition is subject to customary closing conditions including the approval of the Western Australian liquor licensing authority. Vincor anticipates completing the acquisition by the end of March, 2004.
Earlier this month Vincor announced details of a share offering of
6,037,500 common shares for total gross proceeds of $172,974,375. The company expects to complete this financing on or around February 24, 2004.
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