Corby to acquire spirits business of Domaine Pinnacle
Food in CanadaFood In Canada Beverages Corby Spirit and Wine Ltd gin rum
The $12-million transaction will include the Ungava Premium Canadian gin brand, Chic Choc spiced rum, and a range of maple-based liqueurs including Coureur des Bois and Cabot Trail
Toronto-based Corby Spirit and Wine Limited has entered into an agreement to acquire the spirits assets of Domaine Pinnacle Inc., a Quebec-based spirits and cider producer. The purchase price is $12 million.
The transaction will include Domaine Pinnacle’s spirits portfolio, including the Ungava Premium Canadian gin brand, Chic Choc spiced rum, and a range of maple-based liqueurs including Coureur des Bois and Cabot Trail, as well as related production assets and inventory. The transaction is expected to close on September 30.
Founded in 2000 by Charles Crawford and Susan Reid, Cowansville, Que.-based Domaine Pinnacle began as a cider business (the assets of which Corby is not purchasing) and later expanded into distillation and production of artisanal spirits. Its products are now available across Canada and in more than 50 countries worldwide.
If the transaction closes as planned, the brand portfolio and other assets acquired by Corby will be operated as Ungava Spirits Co. Ltd., a new, wholly-owned subsidiary of the company incorporated to purchase the Domaine Pinnacle spirits assets. Ungava Spirits will continue to operate from the current location in Cowansville, and Crawford will also join Corby as president of Ungava Spirits, reporting to Patrick O’Driscoll, president and CEO of Corby.
“We are pleased to have signed the agreement with Domaine Pinnacle for the brands forming Ungava Spirits,” says O’Driscoll. “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 agreement to purchase Domaine Pinnacle’s spirits portfolio demonstrates that we are committed to developing new income streams with the addition an entrepreneurial unit to our existing strategies of innovation, export and base brand rejuvenation.”
“We actively sought out a company who would commit to the success of our brands and who would enable us to invest and continue to grow from our facilities in Cowansville, Quebec,” adds Crawford. “Corby possesses an extensive distribution network that will enable our brands to continue to grow. They are an iconic spirits company with real Canadian roots and we are thrilled that Ungava gin and the rest of our distinctively Canadian spirits portfolio will become part of the impressive lineup of Corby brands. Our team is looking forward to joining Corby and to growing Ungava Spirits brands to great heights.”
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