ary of French wines and spirits firm Pernod Ricard, has agreed to acquire assets related to Kenwood Vineyards located in Sonoma Valley, California.An agreement to this effect was signed by Pernod Ricard USA and F. Korbel & Bros.
Pernod Ricard claims that the acquisition marks its confidence in its wine development portfolio as well as its ambitions in the US.
Pernod Ricard chief executive officer Pierre Pringuet said supporting the company's ambition in wine, Kenwood fits ideally within its 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," added Pringuet.
The companies expect to complete the acquisition before 30 June 2014. The transaction value has not been disclosed.
Kenwood currently produces a range of portfolio of premium Sonoma wines, which are primarily distributed in the US and Canada.
Pernod Ricard's brand portfolio includes ABSOLUT vodka, Chivas Regal, Kahlúa, Malibu, Ricard, Ballantine's, Beefeater, Havana Club, Jameson, Martell Cognac, The Glenlivet, G.H. Mumm, Perrier-Jouët, Royal Salute, Jacob's Creek, Brancott Estate, Campo Viejo, and Graffigna.
