Michael Mondavi Family Estates has sold its Carneros Napa Valley facility to US businessman Kieu Hoang and is set to acquire a new “boutique” facility in the region.

Kieu Hoang Winery Napa Valley's acquisition includes Mondavi’s Carneros winery facility, vineyard, tasting room and 13 acres of adjacent vineyards, the company said yesterday (5 June), according to the San Francisco Business Times. Financial terms of the deal were not disclosed, but reports suggested it was in the region of US$12m.

The facility currently produces around 100,000 cases a year.

In a message on the Mondavi Family Estates Facebook page, the group confirmed the deal, adding it is “in the final stages of securing a new boutique winemaking facility and tasting room in Napa Valley”.

The message added: “Rest assured, none of your favourite brands are affected by our move and the Michael Mondavi Family will still own the Animo and Oso vineyards that produce the family brands Isabel Mondavi, Emblem, Animo and ‘M’ by Michael Mondavi.” 

The company will vacate the tasting room at Carneros at the end of  July.

Kieu Hoang, a billionaire originally from Vietnam, is the owner of Kieu Hoang Winery Napa Valley. He is also the founder of pharmaceuticals firm RAAS.