Constellation Completes Turner Road Vintners Wine Business Acquisition

FAIRPORT, N.Y., March 6 /PRNewswire/ -- Constellation Brands, Inc. (NYSE: STZ, STZ.B) announced today that on March 5, 2001, it completed the purchase of the Turner Road Vintners wine business. The purchase includes well-known brands Vendange, Talus, Nathanson Creek, Heritage, Farallon and La Terre, as well as two wineries in California.

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Richard Sands, Chairman, Chief Executive Officer and President of Constellation said, "This is a tremendous acquisition for our Company which enhances our long-term growth opportunities. We continue to build our portfolio of brands around faster growing segments of the beverage alcohol market and this transaction reinforces the Constellation strategy to provide a wide range of beverage alcohol products to satisfy an array of consumer preferences. We expect the acquisition and its related financing to be slightly accretive to earnings per share in the first year."

Jon Moramarco, President of Canandaigua Wine stated, "The acquisition of the Turner Road Vintners' brands is very strategic and solidifies our leadership position in the wine industry. These brands complement our existing portfolio and strengthen our presence in one of the faster growing categories of the wine industry."

Net sales for the brands acquired for Turner Road Vintners' most recent fiscal year ended June 30, 2000, were approximately $204 million, on unit volume of more than seven million cases. Constellation will now have 20 of the top 100 wine brands in the United States.

Constellation Brands, Inc., is a leader in the production and marketing of beverage alcohol brands in North America and the United Kingdom and is a leading independent drinks wholesaler in the United Kingdom. As the second largest supplier of wine, the second largest importer of beer and the fourth largest supplier of distilled spirits, Constellation Brands, Inc., is the largest single-source supplier of these products in the United States. With its broad product portfolio, composed of brands in all major beverage alcohol categories, Constellation believes it is distinctly positioned to satisfy an array of consumer preferences. Leading brands in Constellation's portfolio include: Franciscan Oakville Estate, Simi, Estancia, Almaden, Arbor Mist, Black Velvet, Fleischmann's, Schenley, Ten High, Stowells of Chelsea, Blackthorn and the number one imported beer, Corona Extra.

Forward-Looking Statements

The Company makes forward-looking statements from time to time and desires to take advantage of the "safe harbor" which is afforded such statements under the Private Securities Litigation Reform Act of 1995 when they are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those in the forward-looking statements.

The statements set forth in this press release, which are not historical facts, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. Any projections of future results of operations, and in particular the Company's expectation that the acquisition and its related financing will be slightly accretive to earnings per share in the first year, should not be construed in any manner as a guarantee that such results will in fact occur. There can be no assurance that any forward-looking statement in this press release will be realized or that actual results will not be significantly higher or lower than set forth in or implied by such forward-looking statement. In addition to the risks and uncertainties of ordinary business operations, the forward-looking statements of the Company contained in this press release are also subject to the following risks and uncertainties: (i) the risk that the expected benefits of this acquisition will not be achieved or may be delayed; (ii) the risk that results of operations of this acquisition will be lower than expected; (iii) the risk that the acquired brands will not be integrated successfully or in a timely manner; (iv) the risk that the full impact of estimated synergies may not be realized; (v) the risk that wholesalers or retailers may give higher priority to products of our competitors; (vi) the risk associated with the availability and costs of equity and debt financing, including costs associated with rising interest rates; (vii) the risk associated with changes in the availability and relative costs of raw materials and/or labor costs; (viii) the risk associated with changing market conditions; (ix) the risk that advertising and marketing initiatives may not be as effective as anticipated; (x) the risk associated with a change in general economic conditions; and (xi) the risk associated with changes in regulations or laws which govern the conduct of business. For other risk factors associated with the Company and its business, please refer to our Securities and Exchange Commission filings. SOURCE Constellation Brands, Inc.

CONTACT: Mark Maring, VP - Investor Relations of Constellation Brands, Inc., 716-218-2169/