(Wines&Vines) - Latest acquisition makes Ontario-based buyer the third-largest vintner in Canada
Langley, British Columbia–The wave of mergers and acquisitions washing across the Northwest has claimed a small B.C. winery, creating Canada’s third national winemaker as vintners look to expand their reach. Diamond Estates Wines & Spirits Inc. (DWS:TSX-Venture), a publicly traded company based in Niagara-on-the-Lake, Ontario, has acquired Backyard Vineyards Inc., a small producer in the Vancouver suburb of Langley in a deal worth $3 million (all amounts in Canadian dollars).
The two wineries struck a co-production agreement three years ago to produce each other’s wines with local grapes, reducing the transportation costs between markets. The latest deal that closed June 28 will further expand the national presence for the companies’ brands.