Jackson Family Wines has confirmed its acquisition of 877 acres in the American Viticultural Area (AVA) of Pine Mountain-Cloverdale Peak in northern California.
//i2.aroq.com/1/8967060-1131x1697.jpgThe company, whose founder Jess Jackson died in 2011, bought the land from the Seghesio family just before Christmas. Financial terms of the transaction were not disclosed.
The parcel, which is located in Mendocino county, sits around 2,400 feet above sea level. Local reports have claimed that the land does not currently hold any vines, although there are around 280 acres with a gradient of less than 30% where vines could be planted.
“We've done business and owned property in Mendocino county for decades and are honoured to expand our presence there,” said Hugh Reimers, JFW's chief operating officer.
Peter Seghesio, Jr., CEO of the family's company, added: “Given our focus in the Sonoma Valley area, we came to understand we didn't have the right opportunity or resources to bring the Pine Mountain property to its full potential.”
The Pine Mountain-Cloverdale Peak area, which comprises 4,570 acres in portions of Mendocino and Sonoma counties in California, was granted AVA status by the US Alcohol and Tobacco Tax and Trade Bureau in November 2011.
Sectors: Mergers & acquisitions, Wine
