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Canandaigua Wine buys Barton Beers.

The Canandaigua Wine Co. has reported that it has signed an agreement to buy all the outstanding shares of Barton, Inc., the distributor of imported beers, and maker and marketer of distilled spirits for $124.5 million in cash and stock.

The wine maker said terms include payment at closing of $65.5 million in cash and one million Canandaigua unregistered Class A shares. Canandaigua will pay as much as $45 million more, plus interest, depending on satisfaction of performance goals.

Canandaigua said that during the fiscal year ending March 31, Barton had gross sales of $387 million, net sales after excise taxes of $236 million, and earning before interest and taxes of $23 million.

Canandaigua, the country's third largest wine producer, reported that Barton is the country's fourth largest marketer of imported beers and the eighth largest maker and marketer of distilled spirits.

Marvin Sands, Canandaigua's chairman, said the transaction "will allow the company to participate in all segments of the beverage alcohol business," and that "all three segments have common marketing approaches and distribution channels affording the combined businesses with opportunities unavailable to either separately."
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Title Annotation:Canandaigua Wine Company Inc.; Barton Inc.
Publication:Modern Brewery Age
Date:May 10, 1993
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