TORONTO—Corby Spirit and Wine Ltd. has struck a deal with Quebec distillery and cider maker Domaines Pinnacle Inc. to buy a handful of the company’s spirit brands for $12 million.
The deal will see Corby pick up the rights to the Quebec firm’s Ungava Premium Canadian gin, Chic Choc spiced rum and several maple-based liqueurs, as well as the related manufacturing assets.
Corby, which owns the Canada distribution rights to a wide range of international spirits and wines, said the deal will open up new income streams and create an entrepreneurial unit within the company. As part of the agreement, Charles Crawford, who co-founded Domaines Pinnacle in Cowansville, Que. in 2000, will join the Toronto-based spirits company and take the reins of the newly-created subsidiary Ungava Spirits Co.
“These emerging brands are highly complementary to Corby’s existing Canadian portfolio and we are looking forward to working together with Charles and his team to take them to the next level,” the company’s President and CEO, Patrick O’Driscoll, said.
The deal is expected to close by the end of September.