Constellation Brands, the leading international beer, wine and spirits firm, has announced that it is divesting part of its mainstream premium wine brands to The Wine Group.
According to a company press release, the decision to sell most of its popular and mainstream premium wine portfolio to The Wine Group, including the brands Cooper & Thief, Crafters Union, The Dreaming Tree, Monkey Bay, 7 Moons, and Charles Smith Wines, is part of its efforts to focus on higher end wine and spirits.
Robert Hanson, EVP & President, wine and spirits division at Constellation Brands, said: “Over the past three years, we reshaped ourselves into a higher-end wine and spirits division with intentional, strategic mainstream plays and are moving our business towards becoming a leading global Premium/Fine Wine & Craft Spirits portfolio. This transaction will enable us to focus and shift our portfolio towards the higher end, positioning ourselves to continue delivering industry-leading growth and shareholder value with the right portfolio for our ambitions”.
The company had already sold the majority of its mainstream wine and spirit brands in 2021. Details of the transaction were not disclosed.
Source: Constellation Brands