FRANCE: LVMH acquires two New World wineries for Euro50m
The French luxury goods company LVMH has expanded its wine portfolio buy acquiring a controlling stake in Newton Vineyard, in California, and MountAdam in South Australia. The purchases, amounting to Euro50m, have been made through LVMH subsidiary Veuve Cliquot Ponsardin who will also distribute the brands worldwide.
Newton Vineyard is a 60-hectare estate in the hills above Napa Valley and produces Chardonnay, Cabernet Sauvignon and Merlot wines. Newton was founded by Su Hua and Peter Newton, who will continue to manage the estate and make the wines.
The 50ha MountAdam estate in situated in Eden Valley and harvests Pinot Noir, Cabernet Sauvignon, Shiraz and Chardonnay grapes. Adam Wynn will continue to manage the property.
Chairman and CEO of Moet Hennessy, LVMH's wine and spirit division, Philippe Pascal said: "Moet Hennessy will assist these two exceptional wine estates throughout their continued growth and in building their international presence."
Newton and MountAdam will strengthen a portfolio that already boasts still wines such as Chateau d'Yquem in Sauternes, Cloudy Bay in New Zealand and Terrazas in Argentina.
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