US wine group Duckhorn Portfolio has agreed to buy North Coast Winery and Vineyards in California.

Duckhorn Portfolio said it would pay approximately $55m for the business, which is based in Alexander Valley in Sonoma County.

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The company is aiming to boost production capacity through the deal, which includes fully operational and “modern” winemaking equipment. The property also includes over seven acres of planted Cabernet Sauvignon.

The transaction is expected to close in the fourth quarter of Duckhorn’s fiscal 2023 year, which runs to the end of July.

“We view this acquisition as an investment in our future growth and in our winery brands, a continuation of our long-term strategy of expanding and diversifying our luxury wine production capabilities,” Duckhorn Portfolio CEO Alex Ryan said. “Production wineries of this scale are rarely available in this area, and this acquisition reduces our reliance on third-party custom processing, storage and bottling, and further optimises our production processes, supporting the stability of the company’s growth.”

Co-founders Dan and Margaret Duckhorn sold a majority interest in the company to GI Partners in 2007, which sold its stake to TSG Consumer Partners in 2016.

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It went public on the New York stock exchange in March 2021.

The company’s net sales in the six months ending 31 January were $211.7m, up 4.3% on a year earlier.

Duckhorn Portfolio’s income from operation was $54.5m, versus $54.9m in the corresponding period a year earlier. Its net income decreased 8% to $34.7m.

Before the latest deal, the company’s portfolio included ten wineries, eight winemaking facilities and more than 1,100 acres of vineyards across 32 estate properties in the US and France. Its wines are available in over 50 countries.

Duckhorn Portfolio’s brands include Goldeneye and Kosta Browne. It offers wines at price points ranging from $20 to $200.

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