The Ontario Teachers’ Pension Plan is buying Constellation Brands Canada, the producer and operator of beer, wine and spirits businesses, for $1.03 billion.
The investment has several local connections to the Okanagan.
The Mississauga, Ont.-based company owns three commercial wineries, five estate wineries and 163 Wine Rack retail locations throughout Ontario.
Its domestic and international wines include brand names including Inniskillin, Jackson-Triggs, Kim Crawford, Robert Mondavi, Ruffino, Sawmill Creek and Wallaroo Trail.
Inniskillin has winery operations in Oliver as well as Ontario’s Niagara Valley, likewise with Jackson-Triggs and Sawmill Creek.
Constellation Brands has operations in Canada, the U.S., Mexico, New Zealand and Italy.
The acquisition is expected to close before end of the year.
Ontario Teachers’ is the largest single-profession pension plan with $171.4 billion in net assets as of Dec. 31, 2015.