Canada: Constellation Brands acquires The Prisoner Wine
US wine firm Constellation Brands has announced that it has reached an agreement to acquire The Prisoner Wine Company from Huneeus Vintners.
Constellation Brands described The Prisoner Wine as a fast-growing, super-luxury portfolio of five highly rated wine brands that had grown volumes at an annual rate of 30% over the last three years to reach 175,000 cases in 2015. The deal is said to be worth C$285 million ($219 million) in cash and is expected to close by the end of April.
Commenting on the takeover, Constellation Brands president and CEO Rob Sands said: "This acquisition aligns with our portfolio premiumization strategy, enables us to capitalize on U.S. market trends that favor high-end wine brands and strengthens our position in the dynamic and margin enhancing super-luxury wine category".
The Wall St Journal reports that the Prisoner Wine acquisition is Constellation Brands’ third in the space of less than a year, having announced the takeover of Ballast Point Brewing & Spirits in November as well as the acquisition of pinot noir wine brand Meiomi earlier in 2015.