ITALY: Frescobaldi forms Tuscan holding company
Marchesi de' Frescobaldi, one of Italy's leading wine producers, has joined forces with Michael Mondavi and SPI Group to form a holding company for three of its Tuscan wine estates.
The three estates - Tenuta dell'Ornellaia, Castel Giocondo and Luce della Vite - are to be grouped together in Tenute di Toscana, a joint venture between Frescobaldi, Mondavi and SPI.
Frescobaldi will own 72.3% in Tenute di Toscana, which, the company said on Friday (12 May), would be "primarily a financial vehicle".
The company added: "The management, production and distribution will remain unchanged in all three Tuscan estates. The partnership with SPI Group and Michael Mondavi brings important resources and capabilities to Tenute di Toscana and creates significant synergies for the new company."
The venture extends Mondavi's relationship with Frescobaldi. His company, Folio Wine Partners, imports Frescobaldi's brands in the US. SPI is better known as the owner of vodkas including Stolichnaya and Moskovskaya.
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