Expands Portfolio
into Booming Craft Spirits Category with High-End Whiskey
VICTOR, N.Y., Oct. 5, 2016 -
Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading
beverage alcohol company, today announced an agreement to purchase
Utah-based High West Distillery. The acquisition includes all of
High West's operations and its portfolio of distinctive,
award-winning and high-end American straight whiskeys. With High
West, which has experienced double-digit volume growth year over
year for the past three years, Constellation Brands enters the
dynamic and profitable high-end craft whiskey segment. The
transaction is expected to close by the end of
October.
David Perkins and his wife, Jane, founded High
West Distillery in 2004 with a vision to make delicious whiskey
that celebrates the history and heritage of America's Old West.
High West's proprietary blend of old and young whiskeys has
received positive reviews from both industry experts and consumers.
With a taste of the Old West and labels to match, consumers
experience stories of cowboys, campfires, prairies and Utah history
in every bottle. High West is the first legal distillery in the
state of Utah since 1870. As part of the agreement, High West's
employees will join the Constellation Brands family to ensure
continuity in the distinctive styles of the whiskeys.
"High West's whiskeys are high-end, distinctive
and delicious - perfect for today's knowledgeable consumer who
enjoys artfully crafted whiskeys," said Bill Newlands, president,
wine and spirits division, Constellation Brands. "With the addition
of High West, Constellation Brands bolsters its position in the
dynamic and growing craft spirits category. We look forward to
welcoming this creative and talented team to Constellation Brands
as we work together to drive growth for High West and build our
premium spirits portfolio with brands that consumers love."
"Our award-winning whiskeys are artfully blended
to create unique and complex flavors inspired by the Old West,"
said John Esposito, chief executive officer, High West. "We craft
innovative whiskey blends that reflect our sense of adventure and
pioneering spirit. When it came to the next step for High West, we
wanted to work with the right partner that will help us grow
further while maintaining our culture and core values. With the
strength of the Constellation Brands team, we will be able to reach
more consumers and continue our track record of innovation."
The High West portfolio sells approximately 70,000
cases annually. The portfolio includes four core High West Whiskey
products: American Prairie Bourbon, Double Rye!, Rendezvous Rye and
Campfire, the only blend of Scotch, bourbon and rye whiskeys on the
market. In addition, High West Distillery produces several limited
edition whiskeys.
About Constellation
Brands
Constellation Brands (NYSE: STZ and
STZ.B) is a leading international producer and marketer of beer,
wine and spirits with operations in the U.S., Canada, Mexico, New
Zealand and Italy. Constellation is a Fortune 500®
company and one of the top performing stocks in the S&P 500
Consumer Staples Index. Constellation is the No. 3 beer company in
the U.S. with high-end, iconic imported brands such as Corona
Extra, Corona Light, Modelo Especial, Modelo Negra and Pacifico.
The company's beer portfolio also includes Ballast Point, one of
the most awarded craft brewers in the U.S. In addition,
Constellation is the world's leader in premium wine, selling great
brands that people love, including Robert Mondavi, Clos du Bois,
Kim Crawford, Meiomi, Mark West, Franciscan Estate, Ruffino and
Jackson-Triggs. The company's premium spirits brands include SVEDKA
Vodka and Casa Noble Tequila.
Based in Victor, N.Y., the company believes that
industry leadership involves a commitment to brand building, our
trade partners, the environment, our investors and to consumers
around the world who choose our products when celebrating big
moments or enjoying quiet ones. Founded in 1945, Constellation has
grown to become a significant player in the beverage alcohol
industry with more than 100 brands in its portfolio, sales in
approximately 100 countries, about 40 facilities and approximately
9,000 talented employees. We express our company vision: to elevate life with every glass raised. To learn more,
visit www.cbrands.com.
About High West
Distillery
Utah's first legal distillery
since 1870, High West's passion is crafting delicious and
distinctive whiskeys and helping people appreciate whiskey all in
the context of our home, the American West. High West offers an
outstanding collection of highly rated whiskeys in finer liquor
stores, bars, and restaurants in 49 states throughout the U.S. and
internationally.
High West must-visit locations include our High
West Distillery in Wanship, Utah. A 30,000 square foot
world-class distillery and visitor center featuring educational
tours and High West's unique country-western cuisine. For more
information and where to buy High West products near you, visit
highwest.com.
Forward-Looking
Statements
This news release contains
forward-looking statements. The word "expect" and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. Those statements may relate to Constellation
Brands' business strategy, future operations, prospects, plans and
objectives of management, as well as information concerning
expected actions of third parties. All forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those set forth in or implied by the
forward-looking statements. There can be no assurance that any
transaction between Constellation Brands and High West Distillery
will occur or will occur on the timetable contemplated hereby. All
forward-looking statements speak only as of the date of this news
release. Constellation Brands undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
In addition to risks associated with ordinary
business operations, the forward-looking statements contained in
this news release are subject to other risks and uncertainties,
including completion of the announced transaction, the accuracy of
all projections, and other factors and uncertainties disclosed from
time to time in Constellation Brands, Inc.'s filings with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the fiscal year ended Feb. 29, 2016, which could
cause actual future performance to differ from current
expectations.
CONTACTS
Constellation Media
Alicia
Laury: 415-912-3851
Cheryl Gossin: 585-678-7191
Investor Relations
Patty Yahn-Urlaub: 585-678-7483
Bob Czudak: 585-678-7170
High West Media
Mara Flynn: 646-245-6930
###
High-West-Distillery-logo-black-copy-(1)
Constellation Brands logo
High West portfolio
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Constellation Brands Inc via Globenewswire
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