Ontario Teachers’ Pension Plan buys Constellation Brands’ Canadian wine business for $1.03 billion

The Ontario Teachers’ Pension Plan has agreed to pay $1.03 billion for the Canadian wine business of Constellation Brands, one of the country’s top wine sellers, with seven of market’s Top 20 brands and a network of retail outlets in Ontario. The deal comes less than two weeks before new rules governing alcohol sales in Ontario — which will make wine available in selected grocery stores — begin to take effect. Constellation’s Canadian brands include Inniskillin and Jackson-Triggs; Teachers’ will also continue to distribute the company’s international brands, such as California’s Robert Mondavi and New Zealand’s Kim Crawford, according spokeswoman Deborah Allan.