Lethbridge’s Black Velvet whisky distillery will soon be under new ownership.
Constellation Brands says it’s agreed to offload Black Velvet to American distilled spirits supplier, Heaven Hill Brands, for about $226-million.
The deal includes the production facility in Lethbridge along with a subset of Canadian whisky brands produced at that site.
Heaven Hill says Black Velvet is a historic, well-known, and high-volume brand that complements its broad distilled spirits portfolio.
The transaction is expected to close before the end of the year.