Magnotta Winery acquires competitorComments Off
Vaughan, Ont. – Ontario’s third-largest winery has just expanded with a competitor.
Magnotta Winery Corporation announced that it has acquired Niagara-based Kittling Ridge Ltd. for an undisclosed sum.
The transaction will transfer store licenses, wine listings, grape grower agreements and the Kittling Ridge name and trademarks to Magnotta.
The acquisition also allows Magnotta to accelerate its growth and increase the number of its stores.
The Alcohol and Gaming Commission of Ontario has approved the deal that will see the Kittling Ridge brand continue as part of Magnotta’s portfolio, which now includes Kittling Ridge’s signature Icewine and Brandy and Vidal Icewine products.
Rosanna Magnotta, president and CEO of Magnotta, says acquiring other wineries is the only way to open new retail locations in Ontario.
“Opening new retail locations in Ontario’s regulated wine industry is only possible through the acquisition of existing licenses. This purchase allows us to add new stores to our chain and build on our over 20-year retail success while evolving the Kittling Ridge brand,” says Magnotta.
Magnotta’s new Kittling Ridge stores are located in Barrie, London, North York, Richmond Hill and Toronto. All Kittling Ridge licenses will be transitioned into Magnotta stores over the next few years and will offer the company’s full line of products. Kittling Ridge products will continue to be distributed through the LCBO, other liquor boards across Canada and export markets.