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FRANCE: Kriter Patriarche buys into Cannon in US

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Burgundy-based sparkling wines group Kriter Patriarche has acquired a 28.18% stake in Jeanjean's US subsidiary Cannon Wines through an increase in Cannon's capital.

Jeanjean recently posted disappointing 2004 financial results with one of the contributing factors being a fall in sales volumes in the US. Kriter Patriarche's US sales, which total around 720,000 bottles per year, will now be marketed through Cannon.

Early last year, Kriter-Patriarche took control of Marie Brizard's sparkling wines subsidiary, Sorevi, strengthening its market position in the segment.

The acquistion added an estimated €25m to the group's turnover and just over 25m bottles to its sales volumes.

Following its tie-up with Kriter Patriarche, Jeanjean is now eyeing a partnership in its service activity, which recorded losses of €1.52m last year.


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