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US wine firm Constellation Brands has announced that it has reached an agreement to acquire The Prisoner Wine Company from Huneeus Vintners.
Constellation Brands described The Prisoner Wine as a fast-growing, super-luxury portfolio of five highly rated wine brands that had grown volumes at an annual rate of 30% over the last three years to reach 175,000 cases in 2015. The deal is said to be worth C$285 million ($219 million) in cash and is expected to close by the end of April.
Commenting on the takeover, Constellation Brands president and CEO Rob Sands said: “This acquisition aligns with our portfolio premiumization strategy, enables us to capitalize on U.S. market trends that favor high-end wine brands and strengthens our position in the dynamic and margin enhancing super-luxury wine category”.
The Wall St Journal reports that the Prisoner Wine acquisition is Constellation Brands’ third in the space of less than a year, having announced the takeover of Ballast Point Brewing & Spirits in November as well as the acquisition of pinot noir wine brand Meiomi earlier in 2015.
