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Constellation Brands, the leading wine and spirits ompan company, has announced an agreement to sell its Black Velvet Canadian whisky brand to the distiller Heaven Hill for approximately $266 million.
The firm said the sale formed part ot its “wine and spirits business transformation strategy”, including a focus on premium brands.
The deal, which also includes a facility in Lethbridge, Canada and other brands associated with Black Velvet, is expected to be closed in the second half of 2019.
Bill Newlands, Constellation Brands president and CEO, said: “This decision aligns with our consumer-led premiumization strategy to deliver accelerated growth and shareholder value as we continue to focus our wine and spirits portfolio on higher-end, fast-growing brands. For Heaven Hill, Black Velvet is a historic, well-known, and high-volume brand that complements their broad distilled spirits portfolio and aligns with their business strategy”.
Source: Constellation Brands
