{"id":11023,"date":"2023-12-02T19:27:05","date_gmt":"2023-12-02T19:27:05","guid":{"rendered":"https:\/\/connectwithfund.com\/markets\/duckhorn-to-buy-sonoma-cutrer-vineyards-for-400-million-in-big-chardonnay-play\/"},"modified":"2023-12-02T19:27:06","modified_gmt":"2023-12-02T19:27:06","slug":"duckhorn-to-buy-sonoma-cutrer-vineyards-for-400-million-in-big-chardonnay-play","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=11023","title":{"rendered":"Duckhorn to buy Sonoma-Cutrer Vineyards for $400 million in big chardonnay play"},"content":{"rendered":"
\n

Duckhorn Portfolio, a public Napa Valley wine company known for putting California merlot on the map, has struck a deal to buy chardonnay producer Sonoma-Cutrer Vineyards for about $400 million.<\/p>\n

The stock and cash deal will expand Duckhorn\u2019s
\n NAPA,
\n +1.46%<\/bg-quote>
\n potential sales capability, while boosting its profile within chardonnay. Sonoma-Cutrer\u2019s six Russian River Valley and Sonoma Coast estate vineyards will be folded into Duckhorn\u2019s umbrella of luxury wines, priced above $15 a bottle.<\/p>\n

\n

Brown-Forman, which bought Sonoma-Cutrer in 1999, is set to receive 31.5 million shares of company stock, valued at roughly $350 million, under the deal. It also will get a 21.5% estimated ownership stake, plus about $50 million in cash. The cash portion would be financed using Duckhorn\u2019s revolving credit facility.<\/p>\n

\u201cThe Duckhorn Portfolio has some of the world\u2019s most-respected luxury wine brands and Brown-Forman looks forward to participating in their future growth through a minority equity stake and board membership,\u201d said Lawson Whiting, president and CEO of Brown-Forman, in a statement.<\/p>\n

Shares of Duckhorn slipped Thursday, and are down about 35% year to date. In a rare move for a U.S. winery, Duckhorn went public in 2021.<\/p>\n

Acquisitions have been a key part of Duckhorn\u2019s strategy to expand its footprint of U.S. luxury wines on the West Coast, as well as fortifying its wine production capabilities against wildfires and climate change.<\/p>\n

See<\/strong>: Duckhorn CEO on how the pure-play, exchange-listed wine maker will grow, and adapt to climate change<\/p>\n

Duckhorn Portfolios, which includes Decoy, Paraduxx, Canvasback and other duck-themed labels, already includes 10 wineries stretching from Washington state\u2019s Walla Walla region to California\u2019s Central Coast. <\/p>\n

Duckhorn reported $100 million in net sales during a fiscal-year 2023 earnings call in September, up 28.3% from a year before. Sonoma-Cutrer said it had about $84 million of annual net sales as of July 31. The deal is anticipated to close in the third quarter of Duckhorn\u2019s fiscal year 2024.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Duckhorn Portfolio, a public Napa Valley wine company known for putting California merlot on the map, has struck a deal to buy chardonnay producer Sonoma-Cutrer Vineyards for about $400 million. The stock and cash deal will expand Duckhorn\u2019s NAPA, +1.46% potential sales capability, while boosting its profile within chardonnay. Sonoma-Cutrer\u2019s six Russian River Valley and Sonoma Coast estate vineyards will be folded into Duckhorn\u2019s umbrella of luxury wines, priced above $15 a bottle. Brown-Forman, which bought Sonoma-Cutrer in 1999, is set to receive 31.5 million shares of company stock, valued at roughly $350 million, under the deal. It also will<\/p>\n","protected":false},"author":1,"featured_media":11024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-11023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"\nDuckhorn to buy Sonoma-Cutrer Vineyards for $400 million in big chardonnay play | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"Duckhorn Portfolio, a public Napa Valley wine company known for putting California merlot on the map, has struck a deal to buy chardonnay producer\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/connectwithfund.com\/?p=11023\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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