From the drinks business: Diageo is putting its Chalone Vineyard winery up for sale after it was left out of last week’s £361 million deal with Treasury Wine Estates.
Diageo has so far declined to comment publicly on Chalone Vineyard, with media reports quoting unnamed company spokespeople confirming the sale. It is unclear what price Diageo is looking to achieve with the sale.
Diageo purchased the Californian winery for $260 million (£170m) in 2004, when current CEO Ivan Menezes led the company’s operations in North America. It’s sales went from 30,000 cases to 200,000 cases just a matter of years, but in 2014 they stood at 166,000 cases, down 15%. (article continues)
In the roaring 90s, the annual shareholder meeting was quite the ticket.
I was trying to recall what they actually sold recently and found this:
In that scenario they continued to operate both of those specific wineries. Did that ‘real estate’ sale go through or not since BV and Sterling were listed among wineries they sold earlier this month?
TTBOMK . . .
BV & Sterling were sold off by Diageo in 2010, and immediately leased back on a 20-year basis. The leaseback included management of the brands.
Now, according to the Financial Times (10/14/2015):
The Australian company will gain US wine brands Sterling Vineyards, Beaulieu and Acadia. It will also add Blossom Hill, the second-biggest selling wine by value and volume in the UK.
I am guessing that TWE acquired the remaining years on the lease . . .
Good to see you posting here–CH is a wasteland and let’s hope more of the old-timer posters find their way here. Marie Lorraine?
Penthouse Pup, once-upon-a-time