Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, announced that it has closed its sale of the Paul Masson Grande Amber Brandy brand, related inventory, and interests in certain contracts to Sazerac for approximately $265 million, subject to certain post-closing adjustments.
“The closure of this sale concludes a series of transactions within our wine and spirits business designed to help accelerate revenue growth and operating margin performance by advancing our vision of building a winning portfolio of distinctive, higher-end brands,” said Bill Newlands, Constellation Brands’ president and chief executive officer. “With these transactions now behind us, our team can more fully concentrate our resources and focus behind a smaller set of more premium brands that better align with consumer premiumization trends.”
On Tuesday, Jan. 5, 2021, Constellation announced it had closed transactions with E. & J. Gallo Winery and Vie-Del Company. Constellation divested a portion of its wine and spirits portfolio principally priced at $11 retail and below, including certain related facilities, and its Nobilo wine brand to Gallo. Constellation also divested certain brands used in its grape juice concentrate business, together with related inventory, interests in certain contracts, and liabilities to Vie-Del Company.
Source: Constellation Brands, Inc.