“It sends a very positive signal that
the Canadian wine industry is ready and well-positioned for expansion,” said chief
executive officer Debbie Zimmerman.
According to the Wall Street Journal,
many potential foreign and domestic bidders were interested in participating in
Constellation’s auction process.
“The fact the Ontario Teachers’
Pension Plan is a well-financed, domestic, long-term investor with industry
experience and no competing business interests leaves us hopeful that their
plan for profit growth will come from expansion rather than international or
domestic consolidation,” Zimmerman added.
Board chairman Matthias Oppenlaeunder
said “there is no doubt that the sale of a business that so dominates the
Canadian wine market is likely to have significant impacts on the industry as a
whole.”
“While we are cautiously optimistic
this is a growth opportunity, we will be watching and listening carefully,”
Oppenlaender said.
“We look forward to learning about
the new owner’s business plans and to working constructively with them to build
on the continued success of Ontario’s grape and wine industry.”
