Treasury Wine Estates (TWE), the Australian wine giant, has reached an agreement to acquire DAOU Vineyards, a US luxury wine brand, for $900 million.
The acquisition includes the DAOU brand, DAOU Mountain Estate, four boutique luxury wineries and around 400 acres of vineyards.
Commenting on the acquisition, Treasury Americas president Ben Dollard said: “We’re really excited about the opportunity for the wine category to engage new consumers, and particularly to bring consumers into our portfolio. DAOU has done an incredible job with regards to the experience at DAOU Mountain as well as engaging with younger wine consumers across the country, and we see very significant opportunity to take that experience globally.”
TWE added that DAOU “was a strong complement to its existing portfolio in upper-luxury price points”.
Georges and Daniel Daou, founders of DAOU, commented: “In Treasury Wine Estates, we have found a partner that not only understands the value of our brand and the premium assets we have cultivated but also the importance of ensuring that we maintain a relentless focus on quality and craftsmanship as we step into our future”.
The transaction is expected to close by the end of 2023, subject to US anti-trust approval.
Source: Treasury Wine Estates