$95 MILLION IN ACQUISITIONS TRANSFORMS COMPANY INTO BC’S LARGEST PRODUCER OF QUALITY WINES
This news release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained elsewhere in this news release.
GRIMSBY, Ontario – September 11, 2017 – Andrew Peller Limited ADW.A/ADW.B (“APL” or the “Company”) announced today that it has signed definitive agreements to acquire 100% of Black Hills Estate Winery and Gray Monk Estate Winery and has entered into a letter of intent to acquire 100% of Tinhorn Creek Vineyards, for a combined purchase price of $95 million. The three estate VQA wineries in British Columbia’s Okanagan Valley generated total revenues of approximately $25 million in their latest fiscal years. The purchase will be funded by a combination of $78 million in cash from the Company’s credit lines and $17 million worth of Class A common shares. The company expects to close all of the transactions on or before the end of October 2017. “My grandfather started our business in the Okanagan nearly 60 years ago, and we have always been inspired by the Valley’s promise to make wines that rival the very best in the world. We have long admired these leading estate VQA wineries and now it is a privilege to bring their ultra-premium wines and talented people into our family,” said John Peller, Andrew Peller Limited’s Chief Executive Officer. “With our investment and resources, these wines have the potential to grow, develop and compete in the growing luxury wine market around the world.” Black Hills Estate Winery, located on the Black Sage Bench near Oliver, B.C., is one of Canada’s most prestigious wine producers with an award-winning portfolio of premium and ultra-premium wines, including its flagship Nota Bene, the number one ultra-premium red wine in Canada. Recognized for its terroir and 50 acres of vineyards, the winery consistently sells out of its high performing portfolio of VQA wines. “Black Hills has been proud of how we have evolved our quality over the years. This new partnership allows us access to resources and tools to evolve even further,” said Glenn Fawcett, President, Black Hills Estate Winery. Gray Monk Estate Winery, founded in 1972, is a family-owned and operated winery located in Okanagan Centre in the Lake Country region north of Kelowna, B.C. With a beautiful estate winery and 50 acres of grape plantings, Gray Monk is a favorite destination for wine lovers visiting the Okanagan Valley to enjoy BC’s best-selling Pinot Gris as well as other popular red and white wines. “We’ve known the Peller family for many years and share and appreciate the same values and approach to quality winemaking. We are delighted to partner with them to continue the legacy of Gray Monk Estate Winery in the Okanagan,” said George Heiss, co-owner, Gray Monk Estate Winery. Tinhorn Creek Vineyards, located on the Golden Mile Bench, the Okanagan’s only sub appellation, near Oliver, B.C., sits among 150 acres of vineyards and the winery’s prestigious and award-winning Miradoro Restaurant. Family-owned and operated since 1993, Tinhorn Creek produces both red and white wines in the ultra-premium category sold through their loyal wine club, numerous on-site events, restaurants and fine wine retailers. “It has been the honour of my life to have helped build Tinhorn Creek, to make great wines with an attention to sustainability and most importantly, to run our business with empathy toward our employees, our customers and our community.” said Sandra Oldfield, CEO, Tinhorn Creek Vineyards. “Andrew Peller will continue the long term development and growth in the Okanagan that we started.” According to Randy Powell, the Company’s President, there is a significant opportunity for growth in the Okanagan wine region. “Canadian consumers are becoming more and more interested in super and ultra-premium wines, and these are some of the greatest brands in the country” Powell stated. “They complement our Western Canada VQA portfolio well and will significantly strengthen our presence in the region.” Completion of the each transaction is subject to a number of conditions customary for transactions of this nature and, in the case of Tinhorn Creek Vineyards, entering into a definitive agreement. In addition, the issuance by the 2 Company of Class A common shares in connection with the transactions will be subject to the approval of the Toronto Stock Exchange. Each transaction is independent of, and not conditional upon, the other transactions.
About Andrew Peller Limited Andrew Peller Limited is a leading producer and marketer of quality wines in Canada. With wineries in British Columbia, Ontario, and Nova Scotia, the Company markets wines produced from grapes grown in Ontario’s Niagara Peninsula, British Columbia’s Okanagan and Similkameen Valleys, and from vineyards around the world. The Company’s award-winning premium and ultra-premium VQA brands include Peller Estates, Trius, Thirty Bench, Wayne Gretzky, Sandhill, Conviction and Red Rooster. Complementing these premium brands are a number of popularly priced varietal brands including Peller Estates French Cross in the East, Peller Estates Proprietors Reserve in the West, Copper Moon, Black Cellar, and XOXO. Hochtaler, Domaine D’Or, Schloss Laderheim, Royal, and Sommet are our key value priced brands. The Company imports wines from major wine regions around the world to blend with domestic wine to craft these popularly priced and value priced brands. The Company also produces wine based liqueurs and cocktails under the brand Panama Jack and a new craft cider called No Boats on Sunday. In October 2016, the Company also launched its new Wayne Gretzky No. 99 Red Cask Canadian Whisky in certain markets across Canada and will be continuing to launch new offerings from the Wayne Gretzky Estate Winery and Craft Distillery in the coming year. With a focus on serving the needs of all wine consumers, the Company produces and markets premium personal winemaking products through its wholly-owned subsidiary, Global Vintners Inc., the recognized leader in personal winemaking products. Global Vintners distributes products through over 170 Winexpert authorized retailers and more than 600 independent retailers across Canada, the United States, the United Kingdom, New Zealand, Australia, and China. Global Vintners award-winning premium and ultra-premium winemaking brands include Selection, Vintners Reserve, Island Mist, KenRidge, Cheeky Monkey, Traditional Vintage, and Cellar Craft. The Company owns and operates 101 well-positioned independent retail locations in Ontario under The Wine Shop, Wine Country Vintners, and Wine Country Merchants store names. The Company also operates Andrew Peller Import Agency and The Small Winemaker’s Collection Inc.; both of these wine agencies are importers of premium wines from around the world and are marketing agents for these fine wines. The Company’s products are sold predominantly in Canada with a focus on export sales for its icewine and personal winemaking products. More information about the Company can be found at www.andrewpeller.com. Andrew Peller Limited common shares trade on the Toronto Stock Exchange (symbols ADW.A and ADW.B).
Oliver, BC (August 26, 2017) – Tinhorn Creek Vineyards’ CEO and Co-Owner Sandra Oldfield presents a $15,000 cheque on behalf of the winery’s Celebrate the Arts charity to Lori Martine, Fine Arts Director at Oliver Elementary School, Tracy Harrington, Principal, South Okanagan Secondary School, Lisa Ante, Music Teacher at Tuc el Nuit School and Rod Kitt, School District #53 Career Education Coordinator during The Mounties concert at Tinhorn Creek Vineyards on Saturday August 26th. The donation will be divided equally between Oliver Elementary School, Tuc-el-Nuit Elementary School and South Okanagan Secondary School to support their arts programs.
“Our annual Canadian Concert Series is all about bringing people together through music and celebrating our country’s musical talent,” says Sandra Oldfield, CEO and Co-Owner of Tinhorn Creek Vineyards. “We want to support our community and encourage the next generation of artists and performers by inspiring them through strong school arts programs that also give youth an outlet for expression. This supports their emotional well-being, their self-esteem and their overall balance to help them become well-rounded human beings.”
Tinhorn Creek launched Celebrate the Arts in 2015 and this is their third cash donation to the program, which supports local schools to fund extra music, drama, dance and fine arts programming for students. Tinhorn Creek Vineyards has also committed to in-kind donations, such as the use of their outdoor amphitheatre, tasting room and barrel cellar for performances and rehearsals, and use of the guest suite for visiting performers.
Tinhorn Creek remains committed to Celebrate the Arts and has pledged proceeds from next season’s Canadian Concert Series, as well as a portion of Tinhorn Creek’s annual income, to continue to support the program.
Oliver, BC (August 21, 2017) Tinhorn Creek Vineyards is proud to announce the release of The Creek, its highly anticipated flagship wine.
A toast to 23 years of experience in farming and winemaking on the southern Okanagan Valley, The Creek is an elegant, luscious and modern wine that reflects both place and time.
The 2014 The Creek is a unique blend of 53% Cabernet Sauvignon, 19% Merlot, 17% Cabernet Franc, 9% Malbec and 2% Petit Verdot. Aptly named after the iconic waterway that has shaped the surrounding landscape, the new flagship wine is a celebration of Tinhorn Creek Vineyards’ longstanding pursuit of both excellence and innovation in winemaking.
“We have been working toward this wine since my husband Kenn and I first landed in Oliver in 1994,” says Sandra Oldfield, Founder and CEO of Tinhorn Creek Vineyards. “Inspired by our desire to honour the region where the grapes come from, and to create the best possible wine in our cellar, The Creek reflects a spirit of innovation both in how we farm our land and how we treat our wines. We will continue to push forward and evolve with creativity and dedication because that is what our customers have come to expect from us.”
Fermented using wild and selected yeasts, the wine is aged for 24 months in 40% French new and Hungarian oak barrels. Boasting opulent flavours of blueberry, cassis and black cherry, with a warm toasted spice finish - the flagship wine’s rich undertones and full-bodied palate make it a perfect pairing for richer dishes.
“The planning for this release really began in 2014, spearheaded by our winemaker Andrew Windsor and viticulturist, Andrew Moon”, says Oldfield. “This flagship wine is the result of a focused and passionate collaboration, made possible by our people, land and grapes here at Tinhorn Creek”.
Each estate grown, handcrafted vintage will bring forth a structured, intense and powerful blend, reflective of Tinhorn Creek’s ongoing commitment to its stunning terroir and quality vineyard practices.
2014 The Creek wine retails for $55 for 750ml and $120 for magnum bottles, both of which are available in limited quantities from Tinhorn Creek’s tasting room, wine club, online store, as well as their onsite restaurant, Miradoro. The Creek will be released to the public in September 2017, and will be available from liquor stores and in select restaurants in BC and Alberta.
Oliver, BC (July 26, 2017) – Tinhorn Creek Vineyards is proud to announce that its 2013 Oldfield Series 2Bench Red has been awarded a Double Gold designation by the San Francisco International Wine Competition (SFIWC).
Reserved for the finest wines in the world, the Double Gold rating comes from the SFIWC - one of the world’s most respected and longstanding international wine competitions. Now in its 37th year, the competition has been integral in setting the standard for expert wine judging, attracting over 4,200 entries from 31 countries across the globe.
“The Oldfield Series 2Bench Red is one of our greatest achievements,” says Sandra Oldfield, CEO and Founder of Tinhorn Creek Vineyards. “Our goal has always been to inspire innovation and improvement with every vintage and this award makes us very confident in the work we’re doing.”
This year, the 2013 Oldfield Series 2Bench Red achieved a Double Gold medal and 94 points rating from the SFIWC’s panel of esteemed judges and wine critics. A blend of five Bordeaux varietals (47% cabernet sauvignon, 24% cabernet franc, 20% merlot, 6% malbec, and 3% petit verdot) sourced from Tinhorn Creek's estate vineyards on the Black Sage and Golden Mile Benches, this unique blend has earned its place as an international double gold winner. Its full-bodied, balanced and powerful palate boasts a complex aromatic range from spice and dark fruit to tobacco. The 2Bench Red’s dark fruit and herb-infused profile is a perfect fit for pairing with richer meat dishes.
Tinhorn Creek’s 2013 Oldfield Series 2Bench Red retails for $30.49 and can be cellared for up to 15 years. Bottles and cases are available for purchase at the winery or online at Tinhorn Creek’s wine store.
Oliver, BC (May 3, 2017) – Tinhorn Creek Vineyards is excited to introduce its new Oldfield Reserve brand, along with a refresh of the Tinhorn Creek varietal series labels.
Oldfield Reserve replaces the previous Oldfield Series; communicating an evolution of the brand and reflecting the quality and sophistication of Tinhorn’s top tier wines. The update also demonstrates a clear distinction between Tinhorn Creek’s premium wines and the Tinhorn Creek varietal series, which has also undergone a label revamp that speaks to Tinhorn’s modern, fresh approach.
“The philosophy behind the varietal tier and Oldfield tier has always been ‘best of grape’ for the former and ‘best of site and winemaking’ for the latter,” says Jan Nelson, Sales & Marketing Manager at Tinhorn Creek Vineyards. “We hope our new labels underscore this differentiation, whilst letting the wines speak for themselves. The Oldfield Reserve label now has a more luxurious feel that speaks to the elevated quality of our premium line, while the new look of our entire portfolio also marks Winemaker Andrew Windsor’s first Oldfield Reserve wines to market.”
The Oldfield name is still prominently displayed to express the continuity of the brand and its rich history. Since experiencing her first “crush” at Tinhorn Creek in 1995, past Winemaker Sandra Oldfield remains actively involved as the winery’s CEO. Sandra was recently recognized by WXN as one of the country’s most powerful female entrepreneurs in the Trendsetting and Trailblazing category, with more than 20 years of winemaking and leadership in the BC wine industry under her belt.
Andrew Windsor joined the team in 2014 and has worked tirelessly and collaboratively with the winemaking team and Viticulturist Andrew Moon to produce the latest releases of both the new Oldfield Series Reserve wines and the Tinhorn Creek varietal series wines. “I’m very proud of the wines that are in the market now, and of all the hard work our team has put into making them,” says Windsor. “The 2014 vintage reds look great and I'm particularly proud of the Syrah, which is probably one of the finest wines I've ever been a part of making. It's a varietal that I'm very passionate about. The Bordeaux varieties are also excellent; with only the best wines going into the small production of the Oldfield Reserves, they are built to last and I suggest stocking up on them."
Winery welcomes new addition to oversee finances and HR of growing team
Tinhorn Creek Vineyards is pleased to announce the appointment of Louise Lalor as Manager of Finance & Administration at the winery. British-born Lalor was educated in the UK before she left to work in Europe, eventually settling in Canada and gaining her CPA designation as an Accountant.
Lalor grew up working in a family-run business, so she understands the many challenges involved. She brings with her a passion for enjoying wine in addition to international work experience including a three-year stint working at the Food & Agriculture Organisation of the United Nations in Rome, Italy.
Responsible for overseeing the finances and human resources of the winery, Lalor was keen to move to BC from Alberta to work in the hospitality, tourism and wine industry. “The team at Tinhorn Creek are fun, smart, enthusiastic and passionate about what they do – it’s a powerful combination,” says Lalor. “I love to have a view of the whole business, not just the numbers, and help pull all the pieces together to grow the business.”
Now settled in Penticton, Lalor hopes to continue to grow the company through developing Tinhorn’s people and its wines. Outside of work she enjoys exploring her new home with her family and dog. The free-spirited mom of three likes to play soccer, experiment with new recipes and visit her children who are based in New York and Edmonton.
Tinhorn Creek Vineyards is thrilled to announce that CEO Sandra Oldfield has been named as a Top 100 award winner in the Sun Life Financial Trailblazers & Trendsetters category of the Women’s Executive Network’s (WXN) 2016 Canada’s Most Powerful Women.
The 2016 Top 100 Award Winners will be celebrated at an evening Awards Gala at the Metro Toronto Convention Centre, on Thursday November 24th where Sandra will become part of an exceptional community of now 939 remarkable female leaders. When Canada’s Most Powerful Women: Top 100 Awards were launched in 2003, WXN wanted to highlight the incredible accomplishments of professional women across Canada. Founded in 1997, WXN is Canada’s leading organization dedicated to the advancement and recognition of women in management, executive, professional and board roles.
“I’m honoured to be recognized as a trailblazer and have the opportunity, as a female CEO in the wine industry, to act as a role model for younger generations and my peers,” says Sandra Oldfield. “At Tinhorn Creek we strive to be at the forefront of the industry; pushing boundaries and setting trends to promote Canadian wine.”
Sandra’s award recognizes her trailblazing in the wine industry, having been one of the few BC female winemakers when Tinhorn Creek Vineyards opened over 20 years ago and now one of the few female CEOs in the Canadian wine industry. Sandra spearheaded the establishment of BC’s first wine-growing sub appellation, the Golden Mile Bench, and has kept Tinhorn at the forefront of the industry by making them the first winery in Canada to move their entire production to screw top closures rather than corks in 2003 and starting the province’s first wine club, shipping wine direct to consumers. In 2009 Sandra tackled sustainability when Tinhorn Creek became Canada’s only carbon neutral winery and perhaps the achievement closest to Sandra’s heart has been the implementation of the most rigorous Health and Safety program of any winery in BC and achieving Canada’s Safest Employers Award, for outstanding accomplishments in promoting the health and safety of workers.
Sandra’s advocacy work promoting Canadian wines to Canadians has garnered the attention of national press through her political acts highlighting problems with access to wine (such as when she proved it is easier in Canada to order and ship a 12-gauge shotgun online than a 12 bottle case of Canadian wine) and campaigning for clearer labelling of grape origins for wines as ‘cellared in Canada’ contain Canadian grapes. Since 2011 Sandra has combined her love for wine, the wine industry and social media to being a weekly online discussion on twitter called #BCWineChat to bring together consumers, wineries, retailers and restaurants on specific topics of exploration weekly.
Oliver, BC (April 19, 2016) – Tinhorn Creek Vineyards will release its first Golden Mile Bench Oldfield Series Chardonnay wine on May 1, 2016. Since 2009 Tinhorn Creek’s CEO and president Sandra Oldfield has been closely involved in efforts to create British Columbia’s first sub-appellation, the Golden Mile Bench, which is located on the western side of the Okanagan Valley, opposite the Black Sage Bench, just south of Oliver.
“The unique soil of the Golden Mile Bench is very rocky as it comes from the mountain ridge behind the bench, not from glacial deposits like most of the valley,” says Tinhorn’s Winemaker Andrew Windsor. “The new Oldfield Series Chardonnay has a deep golden colour from its long and gentle aging in oak. The nose jumps out of the glass with intense honey comb, white flowers, caramel and citrus fruit. It has immense palate weight while retaining a lovely linear and fresh citrusy flavour. The balance is incredible. The palate delivers in waves, honey, lemon, marzipan, biscotti, and pineapple. It keeps coming, layer after layer, and the finish seems to last forever.”
In March 2015 the new sub-DVA ‘Designated Viticultural Area’ of the Okanagan Valley DVA was granted by the BC government, recognizing the Golden Mile Bench’s unique terroir due to its unique rocky soil and micro-climate that benefits from afternoon sunshine - making it cooler than the eastern side of the valley.
There will be limited availability for this first release – join Tinhorn Creek’s “Oldfield Club” to get your hands on a bottle or look out for it on select restaurant’s wine lists – including Miradoro, the recent winner of Vancouver Magazine’s Best Winery Restaurant Gold award for the fifth consecutive year.
Oliver, BC (April 22, 2015) – Miradoro Restaurant at Tinhorn Creek, was honoured with a gold medal for Best Winery/Vineyard Dining, for the fourth consecutive year at yesterday’s 26th Annual Vancouver Magazine Restaurant Awards.
Vancouver Magazine describes Miradoro's Chef Jeff Van Geest as having "dug himself deep into the South Okanagan terrior, delivering authentically wholesome, unpretentious comfort food that mirrors the Tinhorn cellar uncannily. Anything from the wood-fired oven (starting with locally topped pizzas) is a win."
Restaurateur and co-owner Manuel Ferreira says that Miradoro's goal has always been to create an exceptional and authentic all-around dining experience in the South Okanagan. "We have always striven to maintain the highest standard of service and this award reflects the tireless dedication from both Chef Jeff Van Geest and our entire team. We at Miradoro are humbled to have received this accolade for the past four years”.
Held at the Sheraton Wall Centre yesterday the announcement of this prestigious award serves to reinforce Miradoro’s position as the Okanagan’s leading dining venue; celebrated for it’s creativity and commitment to local and sustainable produce its spectacular setting offers panoramic views of the vineyards, farms and lush valley below.
About Miradoro Restaurant
At Miradoro Restaurant the Mediterranean-influenced wine country cuisine showcases the region’s finest ingredients alongside the award-winning wines of Tinhorn Creek Vineyards. Perched on the picturesque winery estate on the famed Golden Mile, the destination restaurant offers stunning views of the South Okanagan Valley. Its unique design seamlessly integrates a modern look with the natural landscape and the more traditional design of Tinhorn Creek’s winery and barrel cellar. The 4,000-square-foot space features 65 seats indoors and 65 seats outdoors on a wraparound deck, ample use of natural woods and cork creates a room that is simple, elegant — and lets the food, wine and view be the stars of the show. Miradoro Restaurant is open for lunch daily from 11:30am–3:00pm, for tapas from 3:00pm-5:00pm and for dinner from 5:00pm–9:00pm. For more information, please call 250-498-3742 or visit www.miradoro.ca.
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