Agreement to purchase the assets of Kenwood Vineyards04/24/2014
Pernod Ricard reinforces its wine portfolio with the acquisition of a California premium wine
Press Release - Paris, 24 April 2014
Pernod Ricard announces that its subsidiary Pernod Ricard USA has entered into an agreement with F. Korbel & Bros. to purchase assets related to Kenwood Vineyards located in Sonoma Valley, California.
Kenwood produces a distinguished portfolio of premium Sonoma wines, primarily distributed in the United States and Canada.
This acquisition reflects both Pernod Ricard's confidence in the development of its wine portfolio and its ambitions in the United States, the largest market of the Group.
Bryan Fry, Chief Executive Officer of Pernod Ricard USA, stated: “thanks to its long heritage and premium positioning within the well-known Sonoma region, Kenwood offers a unique brand proposition that will strengthen the position of Pernod Ricard’s wine business in the United States.”
Commenting on this transaction, Pierre Pringuet, Chief Executive Officer of Pernod Ricard, added: “Kenwood will support the company's ambition in wine and fits ideally within Pernod Ricard’s multi-origin wine portfolio strategy. In addition, this transaction illustrates Pernod Ricard’s ability to seize tactical growth opportunities that can benefit our entire portfolio in key markets such as the United States.”
The acquisition is expected to close before 30 June 2014.
About Pernod Ricard
Pernod Ricard is the world’s co-leader in wines and spirits with consolidated Sales of € 7,945 million in 2013/14. Created in 1975 by the merger of Ricard and Pernod, the Group has undergone sustained development, based on both organic growth and acquisitions: Seagram (2001), Allied Domecq (2005) and Vin&Sprit (2008). Pernod Ricard holds one of the most prestigious brand portfolios in the sector: Absolut Vodka, Ricard pastis, Ballantine’s, Chivas Regal, Royal Salute and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Kahlúa and Malibu liqueurs, Mumm and Perrier- Jouët champagnes, as well Jacob’s Creek, Brancott Estate, Campo Viejo, Graffigna and Kenwood wines. Pernod Ricard employs a workforce of approximately 18,000 people and operates through a decentralised organisation, with 6 “Brand Companies” and 80 “Market Companies” established in each key market. Pernod Ricard is strongly committed to a sustainable development policy and encourages responsible consumption. Pernod Ricard’s strategy and ambition are based on 3 key values that guide its expansion: entrepreneurial spirit, mutual trust and a strong sense of ethics. Pernod Ricard is listed on Euronext (Ticker: RI; ISIN code: FR0000120693) and is part of the CAC 40 index.
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