US: Jackson pips Huneeus family to Legacy
Jess Jackson has completed the acquisition of bankrupt wine company Legacy Estate.
The owner of Jackson Family Wines confirmed the purchase late last week. While financial details were not released, Jackson bid US$97m for Legacy's assets at a hearing last Wednesday (18 August).
The bid had been dependent on Jackson buying out a six-year deal Legacy held with marketing and sales company Wilson Daniels. Jackson confirmed on Friday that his family has resolved the agreement with Wilson Daniels, leaving him clear to complete the purchase. Again, financial deals of the settlement were not disclosed.
Jackson and his co-owner and wife, Barbara Banke, will take ownership of Legacy's Freemark Abbey, located in St. Helena in the Napa Valley, Arrowood Vineyards & Winery in Sonoma County's Glen Ellen and Byron Vineyard & Winery in the Santa Maria appellation of Santa Barbara County.
"Each of these wineries makes strategic sense for us," said Banke. "Freemark Abbey represents a long history of outstanding winemaking from one of the most desirable locations within the Napa Valley. The Byron winery is a beautiful, state-of-the art facility contiguous with our Cambria Estate Winery on the Santa Maria Bench. With this acquisition, we are uniting two of the premier vineyard holdings in the Santa Maria Valley."
Last November, Legacy and its owner, Connaught Capital Partners, filed for Chapter 11 bankruptcy, after Legacy defaulted on loans associated with its acquisition of the Arrowood and Byron wineries from Constellation Brands.
Jackson's bid trumped an offer of US$94m from FAB Acquisition Co., a joint venture between the Huneeus family and Bill Price, a founding partner of the Texas Pacific Group.
Wine Evolution is taking place in Paris on 29-30 January and just-drinks is providing updates live from the event, which brings together the leading lights from the wine world to discuss matters at th...
US beer distributor Crown Imports has lined up a fresh print advertising campaign for German beer brand St. Pauli Girl....
The departure of John Grant to Hardy Wine Company earlier this month has coincided with three other senior departures at California's Jackson Family Wines. CFO John Bridendall, chief accounting office...
Baron Philippe de Rothschild has unveiled a website for its flagship Mouton Cadet brand....
Constellation Brands has lined up the acquisition of a premium Swedish vodka brand. The US-based drinks giant confirmed today (6 January) that it is set to buy Svedka vodka, from Guillaume Cuvelier an...
Constellation Brands has lined up a replacement for the outgoing president at Hardy Wine Company. John Grant will assume the position at the Australian wine unit, replacing David Woods, who is set to ...
V&S Group has insisted it can do more to drive profits and boost the value of the business. The comments came after V&S chief executive Bengt Baron said the Swedish state-owned company is not yet "at ...
Gambrinus Co. is giving up distribution of a second imported beer brand in the US....
- No Home Comfort for TWE as Bids Collapse
- Treasury Wine Estates: Here I Go Again On My Own
- Bacardi Seeks Own History at Bombay Sapphire Home
- Private-equity bids "over" - TWE head
- NPD: The Craft Cocktail Revolution
- Carlsberg suspends production at Russian brewery
- Anheuser-Busch InBev appoints new AmBev CEO
- Treasury Wine Estates pulls plug on takeover talks
- Suntory Holdings to split beer, spirits division
- Quintessential Brands changes MD at Essential unit