Andrew Peller Ltd. has signed agreements to acquire Black Hills Estate Winery near Oliver and Gray Monk Estate Winery in Lake Country and has entered into a letter of intent to acquire Tinhorn Creek Vineyards, also near Oliver, for a combined purchase price of $95 million.
The three VQA wineries in the Okanagan generated total revenues of approximately $25 million in their latest fiscal years.
“With our investment and resources, these wines have the potential to grow, develop and compete in the growing luxury wine market around the world,” John Peller, CEO of Andrew Peller Limited said in a news release.
Completion of each transaction is subject to a number of conditions, but Andrew Peller Ltd. expects to close all of the transactions on or before the end of October 2017.