Bardstown, Kentucky’s Heaven Hill Brands signed an agreement in August with Constellation Brands to buy Black Velvet Canadian Whisky and the brand’s associated production facility in Lethbridge, Alberta, Canada, along with a subset of Canadian whisky brands produced at that facility, which includes Black Velvet, MacNaughton, McMaster’s and others, for approximately $266 million, subject to closing adjustments. The transaction is subject to regulatory approvals and is expected to close in the second half of the 2019 calendar year. Bill Newlands, Constellation Brands President and Chief Executive Officer, said, “This decision aligns with our consumer-led premiumization strategy to deliver accelerated growth and shareholder value. For Heaven Hill, Black Velvet is a historic, well-known and high-volume brand that complements their broad distilled spirits portfolio and aligns with their business strategy.” Black Velvet Canadian Whisky is the second-largest-selling Canadian whisky in the world.