TORONTO — Corby Spirit and Wine Limited announced it has entered into an agreement to acquire the Foreign Affair Winery — a Niagara, Ont.-based VQA-wine producer.
The transaction will result in Corby’s acquisition, through a wholly owned subsidiary, of Foreign Affair’s portfolio of Ontario red, white and rosé wines, including Temptress, Enchanted, Amarosé and The Conspiracy brands, as well as related production assets and inventory.
The transaction, valued at $6.2 million, is expected to close on Sept. 29.
Founded in 2000 by Len and Marisa Crispino, Foreign Affair operates a 40-acre vineyard in Vineland, on the Niagara peninsula. The brand portfolio and other assets acquired by Corby will continue to operate from Foreign Affair’s current location.
As part of the transaction, the Crispinos will remain involved following closing, together with the existing Foreign Affair team.
“We are very excited to announce this transaction and look forward to welcoming Len, Marisa and the Foreign Affair Winery team to the Corby family,” says Patrick O’Driscoll, president and CEO of Corby. “This transaction will allow us to complement our wide portfolio of represented international wines with uniquely styled, premium Canadian wines. Our companies share similar values, culture and passion and together we hope to leverage our resources to build on the strong legacy they have developed for Foreign Affair and its brands.”
