FAIRPORT, N.Y., Jul 2, 2001 /PRNewswire/ -- Constellation Brands, Inc. (NYSE: STZ and STZ.B) announced today the completion of its previously announced acquisition of Ravenswood Winery, Inc. (Nasdaq: RVWD).
Richard Sands, Chairman, Chief Executive Officer and President of Constellation, said, "We are very excited about the addition of Ravenswood to our fine wine business, which already includes Franciscan Oakville Estate, Simi, Quintessa, Mount Veeder, Veramonte and Estancia. Adding the leading Zinfandel wine to our already strong portfolio gives us the most sought after wine portfolio in the U.S. With sales and marketing integration well underway, we look forward to building on Ravenswood's success and enhancing its growth."
Ravenswood will be managed by Constellation's fine wine division, Franciscan Estates. Joel Peterson will become General Manager and Senior Winemaker of the Ravenswood Winery and Justin Faggioli will become General Manager and Chief Operating Officer. Both will report to Agustin Francisco Huneeus, President and Chief Executive Officer of Franciscan Estates. W. Reed Foster, former Chairman and Chief Executive Officer of Ravenswood, will remain a valued part of the management team.
Under the terms of the acquisition agreement, a wholly-owned subsidiary of Constellation was merged into Ravenswood and all outstanding shares of Ravenswood common stock were converted into the right to receive $29.50 per share in cash. Constellation has deposited funds with a paying agent, which will send a letter of transmittal and instructions to former Ravenswood shareholders to enable them to surrender their stock in exchange for payment. As a result of the transaction, Constellation owns 100% of Ravenswood. Following the transaction, Ravenswood's common stock will be delisted from the Nasdaq National Market.
About Constellation
Constellation Brands, Inc. is a leader in the production and marketing of beverage alcohol brands in North America and the United Kingdom and is a leading independent drinks wholesaler in the United Kingdom. Leading brands in Constellation's portfolio include: Franciscan Oakville Estate, Simi, Estancia, Corona Extra, Modelo Especial, St. Pauli Girl, Almaden, Arbor Mist, Talus, Vendange, Alice White, Black Velvet, Fleischmann's, Schenley, Ten High, Stowells of Chelsea, Blackthorn and K.
Forward Looking Statements
The statements set forth in this press release, which are not historical facts, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. There can be no assurance that any forward- looking statement in this press release will be realized or that actual results will not be significantly higher or lower than set forth in or implied by such forward-looking statement. For risk factors associated with Constellation and its business, please refer to Constellation's Securities and Exchange Commission filings, including its most recent Annual Report on Form 10-K.
SOURCE Constellation Brands, Inc.
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