Teachers’ Pension to buy eight Ontario wineries, 163 Wine Rack stores for $1.03B
Deal with Constellation Brands includes big brand names such as Inniskillin and Jackson-Triggs, as well as Wine Rack retail shops across Ontario
TORONTO—The Ontario Teachers’ Pension Plan is buying Constellation Brands Canada, the producer and operator of beer, wine and spirits businesses, for $1.03 billion.
The Mississauga, Ont.-based company owns three commercial wineries, five estate wineries and 163 Wine Rack retail locations throughout Ontario.
Its domestic and international wines include brand names such as Inniskillin, Jackson-Triggs, Kim Crawford, Robert Mondavi, Ruffino, Sawmill Creek and Wallaroo Trail.
Constellation Brands has operations in Canada, the U.S., Mexico, New Zealand and Italy.
The acquisition is expected to close before end of the year.
Ontario Teachers’ is the largest single-profession pension plan with $171.4 billion in net assets as of Dec. 31, 2015.