M&A Deal Summary

The Duckhorn Portfolio Acquires Sonoma-Cutrer

On November 16, 2023, The Duckhorn Portfolio acquired beverage company Sonoma-Cutrer from Brown-Forman for 400M USD

Acquisition Highlights
  • This is The Duckhorn Portfolio’s 1st transaction in the Beverages sector.
  • This is The Duckhorn Portfolio’s largest (disclosed) transaction.
  • This is The Duckhorn Portfolio’s 1st transaction in the United States.
  • This is The Duckhorn Portfolio’s 1st transaction in California.

M&A Deal Summary

Date 2023-11-16
Target Sonoma-Cutrer
Sector Beverages
Buyer(s) The Duckhorn Portfolio
Sellers(s) Brown-Forman
Deal Type Divestiture
Deal Value 400M USD
Advisor(s) Nomura Holdings, Inc. (Financial)
Ropes & Gray (Legal)

Target

Sonoma-Cutrer

Windsor, California, United States
website
Sonoma-Cutrer is a luxury Chardonnay brand, that offers refined style and commitment to merging traditional and innovative winemaking techniques. Sonoma-Cutrer was founded in 1973 and is based in Windsor, California.

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Buyer(S) 1

Buyer

The Duckhorn Portfolio

Saint Helena, California, United States

website


Category Company
Founded 1976
Sector Beverages
Employees434
Revenue 373M USD (2022)
DESCRIPTION

The Duckhorn Portfolio produces and sells wines under a portfolio of brands, including Duckhorn Vineyards, Decoy, Kosta Browne, Goldeneye, Paraduxx, Calera, Migration, Canvasback, Greenwing, and Postmark. The company sells its products directly to California retailers and restaurants; and to distributors and agents located in other states throughout the United States, as well as to export distributors that sell internationally. The Duckhorn Portfolio was founded in 1976 and is based in Saint Helena, California.


DEAL STATS #
Overall 1 of 1
Sector (Beverages) 1 of 1
Type (Divestiture) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 1
Year (2023) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

Brown-Forman

Louisville, Kentucky, United States

website


Category Company
Founded 1870
Sector Beverages
Employees5,200
Revenue 3.9B USD (2022)
DESCRIPTION

Brown-Forman manufactures, bottles, imports, exports, and markets a wide variety of alcoholic beverage brands. Its portfolio of brands includes Jack Daniel’s, Antiguo Tequila, el Jimador Tequila, Herradura Tequila, Pepe Lopez Tequila, Woodford Reserve Bourbon, Canadian Mist Whisky, Chambord, Collingwood Canadian Whiskey, Early Times Bourbon and Whisky, Korbel Champagne, Old Forester Bourbon, and Sonoma-Cutrer Wines. Brown-Forman was incorporated in 1870 and is based in Louisville, Kentucky.


DEAL STATS #
Overall 7 of 8
Sector (Beverages) 6 of 7
Type (Divestiture) 7 of 8
State (California) 2 of 2
Country (United States) 5 of 6
Year (2023) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-06 Diplomático Rum Brand

Madrid, Spain

Diplomático Rum Brand is a super-premium rum. Diplomático Rum's distillery combines traditional methods with modern technology to produce the finest of rums. The production area boasts great conditions for sugar cane and rum production including fertile lands, abundant water, and a Caribbean climate. Diplomático Rum Brand is based in Madrid, Spain.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-16 Brown-Forman - Cooperage

Trinity, Alabama, United States

Brown-Forman's Cooperage produces approximately half of the barrels for the Brown‑Forman portfolio of brands and enables ongoing barrel research, development, and innovation for brands and new expressions. Brown-Forman's Cooperage is based in Trinity, Alabama.

Sell -