You don’t often read about Canadian vineyards but Magnotta Winery in Ontario made headlines over the last few days, as the founding family has taken the company private, making it a 100% family-owned business.
The Magnottas, who previously controlled 60% of the Vaughan-based winery through their holding company, acquired all of the remaining shares last week.
The deal, which is worth about CAD $16 million (€12.2 million), was approved by 99.2% of the shareholders during a special meeting held on 18 January. As a result, Magnotta Winery will stop trading on the Toronto Stock Exchange.
The winery, founded by Gabe and Rossana Magnotta in 1990, is the third largest wine producer in Ontario by sales. Famous for its cabernet sauvignon gran riserva and the sparkling wine Aristeo, the winery won over 3,500 awards in both domestic and international competitions.
In fiscal year 2011, the company reported revenues of CAD $23.2 million, down from CAD $24.2 one year earlier.