Corby Spirit and Wine, a Canadian marketer and distributor of spirits and imported wine, has signed an agreement to acquire the spirits assets of Domaines Pinnacle, a Quebec-based spirits and cider producer, for $12m. The acquisition price will be paid in cash.

Corby president and CEO O'Driscoll said: "We are pleased to have signed the agreement with Domaines Pinnacle for the brands forming Ungava Spirits.

"These emerging brands are highly complementary to Corby's existing Canadian portfolio and we are looking forward to working together with Charles and his team to take them to the next level.

"We are pleased to have signed the agreement with Domaines Pinnacle for the brands forming Ungava Spirits."

"The agreement to purchase Domaines Pinnacle's spirits portfolio demonstrates that we are committed to developing new income streams with the addition an entrepreneurial unit to our existing strategies of innovation, export and base brand rejuvenation."

The transaction is expected to close on 30 September this year.

The deal includes Domaines Pinnacle's spirits portfolio of Canadian brands, including the unique Ungava Premium Canadian gin brand, Chic Choc spiced rum, and a range of maple-based liqueurs, including Coureur des Bois and Cabot Trail, in addition to related production assets and inventory.

Following the completion of the deal, the brand portfolio and other assets acquired by Corby will be operated as Ungava Spirits, which will be a wholly-owned subsidiary of Corby, incorporated to purchase the Domaines Pinnacle spirits assets.

Domaines Pinnacle was founded in 2000 as a cider business, the assets of which Corby is not purchasin, by Charles Crawford and Susan Reid at Cowansville. The company later started distillation and production of artisanal spirits.

Ungava Spirits will continue to operate from its current location in Cowansville. Crawford will join Corby as the president of Ungava Spirits, reporting to Patrick O'Driscoll, president and CEO of Corby.

Image: Corby Spirit and Wine to acquire Domaines Pinnacle spirits business. Photo: courtesy of Corby Spirit and Wine.