RUSSIA: Russian Standard ups Gancia Wine stake
Russian Standard bought a 70% stake in Gancia in 2011
Russian Standard has increased its majority stake in Gancia Wine two weeks after it revived the Italian wine brand's US distribution.
The vodka producer said today (5 August) it has raised its share in Gancia, acquired in 2011, from 70% to 94.1%. A Russian Standard spokesperson told just-drinks the extra stake was in return for a EUR13m (US$17.2m) capital investment.
In July, Gancia teamed up with The Wine Group to distribute Gancia’s Prosecco, Moscato D’Asti, Asti and Moscato Rosé in the US. A Russian Standard spokesperson told just-drinks at the time that Gancia was not being distributed in the US and its most recent distribution deal was in 2008 with Miami-based OWS.
Roustam Tariko, Russian Standard's founder & chairman, said today he is “pleased to continue to invest” in Gancia.
The vodka company has shaken up a number of its distribution deals in the wake of its takeover of Central European Distribution Corporation in June. Last month it said it is dumping Gruppo Campari as distributor of its flagship vodka brand in Germany and Austria, while in June it launched CEDC brand Green Mark in the US through its own network.
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