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CONSTELLATION BRANDS, INC.

(STZ)
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CONSTELLATION BRANDS : ACQUIRES KENTUCKY-BASED CRAFT SPIRITS PRODUCER COPPER & KINGS

09/14/2020 | 11:35am EDT

Broadens Portfolio of Premium Spirits and Marks First Full Acquisition for Constellation Brands Ventures

VICTOR, N.Y., Sept. 14, 2020 - Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, announced today that it has acquired the Copper & Kings American Brandy Company, a cutting-edge distillery that produces highly differentiated American Brandy, absinthe, gin, and Destillaré liqueurs, with a tasting room and restaurant located in the heart of Bourbon Country in Louisville, Ky. This move aligns with Constellation's wine and spirits vision to be a bold and innovative, high-end portfolio of distinctive brands and products that deliver exceptional consumer experiences. Terms of the agreement were not disclosed.

'As an innovative distillery regarded for its experimental attitude and highly rated craft spirits, Copper & Kings American Brandy represents a significant growth opportunity for us and reinforces our continued commitment to premium spirits,' said Bill Newlands, president and chief executive officer, Constellation Brands. 'American Craft Brandy is a fast-growing category that resonates with consumers, specifically among whiskey drinkers, and provides an excellent bridge between fine wine and craft bourbon. Copper & Kings' prime location in Bourbon Country also presents an opportunity for Constellation to drive brand awareness and further expand the brand's direct-to-consumer and retail routes to market.'

Copper & Kings American Brandy was initially a minority investment through Constellation's venture capital group. Since 2017, Constellation and Copper & Kings have been working to gain a deeper knowledge of the American Craft Brandy category and increase awareness and distribution of the Copper & Kings brand.

'With entrepreneurship and quality being part of Constellation's core values, it's gratifying to see those values come to life through our first full Ventures acquisition in Copper & Kings,' said Jennifer Evans, vice president of Constellation Ventures. 'When making a Ventures investment, we look for brands that want to push boundaries, grow with consumers, and expand their current markets. Copper & Kings checks all those boxes, and we look forward to integrating them into our wine and spirits portfolio.'

Copper & Kings American Brandy was founded in 2014 by beverage industry entrepreneurs Joe and Lesley Heron, and uses small batch copper pot-distillation and unconventional methods, like sonic aging and solera blending, to craft a variety of non-traditional and highly innovative spirits.

'As Copper & Kings moves into this next phase, we feel immense pride in what we've accomplished together with Constellation Brands,' said founder and CEO Joe Heron. 'Copper & Kings and Constellation have had a symbiotic relationship right from the start. Because of that shared culture of innovation, entrepreneurship, and respect for the environment, as well as a good personal relationship, Lesley and I know we are leaving Copper & Kings in good hands. The stars are beautifully aligned.'

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The word 'expect' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements may relate to business strategy, future operations, prospects, plans, and objectives of management, as well as information concerning expected actions of third parties. All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements.

The forward-looking statements are based on management's current expectations and should not be construed in any manner as a guarantee that such results will in fact occur or will occur on any contemplated timetable. All forward-looking statements speak only as of the date of this news release and Constellation Brands undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

In addition to risks and uncertainties associated with ordinary business operations, the forward-looking statements contained in this news release are subject to other risks and uncertainties, including the accuracy of all projections and other factors and uncertainties disclosed from time-to-time in Constellation Brands' filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended February 29, 2020, which could cause actual future performance to differ from current expectations.

ABOUT CONSTELLATION BRANDS
At Constellation Brands (NYSE: STZ and STZ.B), our mission is to build brands that people love because we believe sharing a toast, unwinding after a day, celebrating milestones, and helping people connect, are Worth Reaching For. It's worth our dedication, hard work, and the bold calculated risks we take to deliver more for our consumers, trade partners, shareholders, and communities in which we live and work. It's what has made us one of the fastest-growing large CPG companies in the U.S. at retail, and it drives our pursuit to deliver what's next.

Today, we are a leading international producer and marketer of beer, wine, and spirits with operations in the U.S., Mexico, New Zealand, and Italy. Every day, people reach for our high-end, iconic imported beer brands such as Corona Extra, Corona Light, Corona Premier, Modelo Especial, Modelo Negra, and Pacifico, and our high-quality premium wine and spirits brands, including the Robert Mondavi Brand Family, Kim Crawford, Meiomi, The Prisoner Brand Family, SVEDKA Vodka, Casa Noble Tequila, and High West Whiskey.

But we won't stop here. Our visionary leadership team and passionate employees from barrel room to boardroom are reaching for the next level, to explore the boundaries of the beverage alcohol industry and beyond. Join us in discovering what's Worth Reaching For.

To learn more, follow us on Twitter @cbrands and visit www.cbrands.com.

Disclaimer

Constellation Brands Inc. published this content on 14 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2020 15:34:08 UTC


ę Publicnow 2020
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Financials (USD)
Sales 2022 8 542 M - -
Net income 2022 1 338 M - -
Net Debt 2022 9 802 M - -
P/E ratio 2022 28,8x
Yield 2022 1,38%
Capitalization 42 941 M 42 941 M -
EV / Sales 2022 6,17x
EV / Sales 2023 5,79x
Nbr of Employees 9 300
Free-Float 75,5%
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 260,35 $
Last Close Price 221,25 $
Spread / Highest target 37,9%
Spread / Average Target 17,7%
Spread / Lowest Target -2,37%
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Managers and Directors
NameTitle
William A. Newlands President, Chief Executive Officer & Director
Garth Hankinson Chief Financial Officer & Executive Vice President
Robert S. Sands Executive Chairman
Lee Tussing Chief Information Officer & Senior Vice President
Tiffanie de Liberty Chief Compliance Officer, SVP-Wine & Spirits
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