Magnotta Winery purchases wine assets of Kittling Ridge
Magnotta Winery, a Canada-based company that produces and trades wine, beer and distilled products, has purchased wine business of Niagara-based Kittling Ridge for an undisclosed amount as part of plans to expand its number of stores and portfolio.
The transaction includes transfer of Kittling Ridge's wine assets such as store licenses, wine listings, grape grower agreements and the Kittling Ridge name and trademarks to Magnotta.
Approved by the Alcohol and Gaming Commission of Ontario, the deal allows Kittling Ridge brand to continue as part of Magnotta portfolio and add its Icewine and Brandy and Vidal Icewine products, and stores located in Barrie, London, North York, Richmond Hill and Toronto to Magnotta's portfolio.
Magnotta Winery CEO and president Rossana Magnotta said opening new retail locations in Ontario is only possible through the acquisition of existing licenses and the current purchase allows them to add new stores to expand business.
"We are also very excited to be working with the additional Ontario grape growers that are now part of our roster as a result of the deal and supporting the agricultural growth of the province. These relationships will play a key role in our success as we process more grapes and expand our 100% Ontario VQA product line," Magnotta added.
Conversion of licenses from Kittling Ridge into Magnotta stores will be done in few years, meanwhile Kittling Ridge products will continue to be distributed through the Liquor Control Board of Ontario (LCBO).