UPDATE: US: 360 Global looks to secure US$25m acquisition
The head of 360 Global Wine Co. believes its imminent acquisition of a US-based wine and spirits group will drive sales of its wine brand Cucina Viansa nationwide.
Californian wine producer 360 Global today (5 December) announced that it had signed a letter of intent to buy the unnamed company for around US$25m.
CEO Jake Shapiro refused to name its target but told just-drinks that the company expected to seal the deal "sometime in the next 45 days".
"We see one of the key synergies as using the company's sales people and distribution relationships to facilitate the national launch of Cucina Viansa," Shapiro said.
Last month, 360 Global said it had secured distribution deals in five US states. Prior to these agreements, all of 360 Global's sales had been generated from visits to the Viansa Winery and its wine club.
Shapiro said the acquisition target also had "brands that had proven themselves and that had upside potential". He declined to reveal in which sectors the company operates.
Shapiro said, however, that 360 Global would look to take advantage of the target's presence in Western Europe. He added: "Overall, Californian wine is enjoying double-digit growth in Europe, however, it is growing from a small base."
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