Todhunter Completes Monarch Wine Purchase

Todhunter International, Inc. (West Palm Beach, FL) has completed the purchase of the assets of Monarch Wine Company (Atlanta, GA), a privately held company. Monarch specializes in the manufacture of wines, including custom-blended wines and cooking wines for the food industry and base wines for producers of vinegar and cordials. The purchase price was $23.5 million and was funded from a $71 million Credit Agreement among Todhunter and a syndicate of lenders. The Credit Agreement also funded the refinancing of existing debt under favorable terms.

"The addition of Monarch will expand Todhunter's presence in the food and beverage alcohol industries and leverage its existing manufacturing facilities through increased volumes," said Kenneth Pincourt, Jr., chairman and CEO of Todhunter. "This acquisition will also substantially increase cash flow and will be earnings accretive."

Howard Weinstein, president and a major stockholder of Monarch, will become president of the Monarch Wine Division of Todhunter.

Todhunter International, Inc. is a distiller and supplier of brandy, rum and wine to the beverage alcohol industry. The company also produces vinegar and other alcohol-related products, owns the Cruzan line of rums from the Virgin Islands and is the importer of Porfidio tequila.

Edited by Scott Hegenbart