Heaven Hill finalises Black Velvet whisky purchase
Family-owned Heaven Hill Brands has completed its acquisition of Black Velvet Canadian whisky from Constellation Brands.
Black Velvet is the second biggest-selling Canadian whisky in the world, according to Heaven Hill Brands. The deal was first announced in August 2019.
Max L Shapira, president of Heaven Hill Brands, said: “Today we are proud to officially welcome this iconic brand and others into Heaven Hill’s historic portfolio.
“The Heaven Hill family is proud to continue the culture of Black Velvet and nurture the unique heritage of this great Canadian whisky that has built a solid foundation for growth.”
Perella Weinberg Partners was the exclusive financial advisor to Heaven Hill Brands regarding the purchase.
The acquisition includes all the distilling operations, ageing and bottling facilities, and the remaining portfolio of Canadian whisky brands owned by Constellation Brands, including Black Velvet, MacNaughton, McMasters and the Schenley brands: Gold Wedding and OFC.
The Canadian whisky category currently comprises around 16.8 million cases, according to Beverage Information Group. Black Velvet’s volumes reached almost 2m cases in the US in 2018.