Booming Wine Region Enticing Investors as Ontario Relaxes Laws
Row after row of delicate young vines line the long driveway leading to Peller Estates Winery in Niagara-on-the-Lake. It`s a cool spring morning and the expansive lawn in front of the winery is edged by a patio that will host parties and tastings all summer.
John Peller, chief executive officer of Andrew Peller Ltd., is jovial as he surveys the vines that helped turn the company into Canada`s biggest publicly listed winery. Peller, 59, credits his Hungarian-immigrant grandfather for his foresight.
When my grandpa started the business in 1961, he had this vision of bringing the culture of wine and food from Europe to Canada and we laugh because it was the right vision, but he was 30 years too early,` Peller said in an interview at the winery last month.
That vision is paying off now for his grandson, who took over the family business in 1994. Andrew Peller stock is trading near its record as a cheaper currency and looser liquor regulations draw investors to Ontario`s booming wine industry. Constellation Brands Inc., the Victor, New York-based beverage company, announced last month it was exploring an initial public offering of some of its Canadian wine business, Vincor Canada, the largest producer in the country.
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