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1 MIN READ

USA: Altria to sell Ste Michelle to Sycamore Partners

July 14, 2021
-
Alcoholic Drinks, Mergers & Acquisitions, North America

Multinational tobacco firm Altria Group Inc has announced that its subsidiary, UST LLC, has entered an agreement to sell the Ste Michelle Wine Estates business to Sycamore Partners Management, LP., a private equity firm specializing in consumer, retail, and distribution investments.

According to sources, the sale will enable Altria to focus on their vision of transitioning adult smokes to a ‘non-combustible future’.

Billy Gifford, Altria’s chief executive officer said: “Ste. Michelle and its talented employees have built an outstanding portfolio of premium wine brands, and we wish them future success”.

David Dearie, Ste. Michelle’s president and chief executive officer commented: “The Ste. Michelle leadership team and I look forward to working with the team at Sycamore Partners and believe we are well-positioned to drive the next phase of our growth”.

The deal is expected to close in the second semester of 2021, paid in an all-cash transaction with a price of approximately $1.2 billion.

Source: Altria

Tags
Altria
Ste Michelle
Sycamore Partners
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USA: Altria to sell Ste Michelle to Sycamore Partners - Gama