More major wineries have been sold in the US. This time, unlike some of the more recent major deals in the wine biz, two conglomerates are shuffling their portfolios. Constellation brands, one of the top two largest international wine conglomerates, has announced (AP commentary) that they are selling eight wineries to a new player in the field, the reformed Ascentia Wine Estates (Eight Estates Fine Wines) of Healdsburg, CA.
Gary Farrell, Geyser Peak, XYZin, Buena Vista Carneros, and Atlas Peak will be sold from Constellation’s California stable. They will also transfer Pacific Northwest properties Columbia Winery, Covey Run, and Sunnyside Winery to Ascentia. Ste. Chapelle from Idaho will also see its ownership change. The deal has been valued at up to US$234 million, and will also include 600+ acres of vineyard properties around Napa and Sonoma.
It will be interesting if the sales will actually affect any of these wineries, unlike some of the private wineries that have been sold recently to major conglomerates.
June 11, 2008
As an addendum, there was a great writeup with a lot more details by SF Chronicle Wine Section writer, Jon Bonné. You can find the article here.