CHILE/US: Concha y Toro completes Fetzer Vineyards buy
Concha y Toro to expand global presence with Fetzer Vineyards
The transaction, which closed at the end of last week, represents Concha y Toro's biggest acquisition to date, handing the group an important foothold in California's wine country and, in Fetzer, one of the top ten wine brands on the US market by volume.
The combined annual volume sales of acquired wine brands, including Fetzer, Fiver Rivers and Bonterra, is 3.1m cases. In 2010, Fetzer Vineyards achieved net sales of $156m.
In late February, following the announcement of the deal, Concha y Toro's CEO, Eduardo Gilisasti, said: "We believe that this transaction opens additional growth opportunities globally, as well as in the American market."
The move also leaves Brown-Forman clear to concentrate on its core spirits business, including Jack Daniel's and Finlandia vodka. The group will keep the super-premium Sonoma-Cutrer wine brand, as well as its long-term agency relationship with Korbel California Champagnes.
For market reaction to the deal, click here.
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