US: Constellation Brands agrees to buy Mark West brand
Constellation Brands has agreed to buy the Mark West wine brand
Constellation Brands has agreed a deal to acquire the Californian pinot noir Mark West brand from Purple Wine Company for an undisclosed sum.
The deal, announced today (29 June), includes the Mark West trademark and inventories of wines from three California appellations - a California pinot noir, a Russian River reserve pinot noir and a Santa Lucia reserve pinot noir, along with a Chardonnay. The deal is expected to complete next month.
“Mark West is one of the fastest-growing major pinot noirs in the market and has exceeded the growth of the category. It is an exciting addition to our portfolio and fills a gap in our portfolio of pinot noir brands,” said Rob Sands, Constellation Brands' CEO.
According to Constellation Mark West has had 10 years of double-digit growth in the US.
Derek Benham, Purple Wine CEO, said: “Mark West had reached a critical juncture in its development. Purple Wine Company has grown Mark West to the point where it requires a company with the scale, reach and resources of Constellation Brands to sustain that growth.”
Earlier today it was also announced Constellation is take full control of beer import business Crown Imports by buying out Mexican brewer Grupo Modelo's 50% share. Modelo is selling its stake in light of its merger with Anheuser-Busch InBev.
News of the deals came as Constellation also today reported a slight drop in Q1 net profits to US$72m in the three months to the end of May, down from US$74.5m last year.
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