必威二维码下载葡萄酒业务对获取的胃口最流行前的速度

上周塞巴斯托波尔（Sebastopol）的王牌苹果酒和纳帕谷（Napa Valley）的弗兰克家庭葡萄园（Frank Family Vineyards）收购的消息是今年一系列交易的一部分，行业专家表示，北海岸葡萄酒业务的重新唤醒，明年的活动甚至更多。必威二维码下载

On Nov. 15, Vintage Wine Estates announced that it was buying California Cider Company, maker of the 1 million-case-a-year Ace brand, following several transactions since the Santa Rosa company became publicly traded earlier this year. Then on Nov. 17, Treasury Wine Estates said it inked a deal with Frank Family Vineyards to purchase the inventory for the 160,000-case-a-year brand, known for its luxury-tier chardonnay, and certain assets for $315 million.

While the stated reasons for those deals differed — diversification and market expansion for Vintage, movement into more premium chardonnay wines for Treasury — they share commonalities seen in other deal-making completed and pending, say seasoned brokers of such transactions.

For one, there is a lot of capital looking for investments with solid returns.

“The cash available is still extraordinary,” said Robert Nicholson, president of International Wine Associates, a mergers-and-acquisitions advisory for the wine and spirits industries.

并购交易的两个大型资本是亿万富翁和私募股权公司。彭博社估计，美国亿万富翁拥有超过5万亿美元的投资组合财富。截至去年年底，私募股权公司已经积累了1.6万亿美元的投资基金（通常称为“干粉”），2014年的6850亿美元从2014年的6850亿美元上涨了133％。

“We’re seeing increased buyer interest, especially from strategics, especially foreign and (private equity) buyers,” said Ian Malone, a beverage industry specialist in Aspect Consumer Partners’s Napa Valley office. Strategic buyers are those that may be looking to pick up a brand or labels that fit marketing or growth gaps in their portfolios.

“There are far more PE firms active in food than the wine industry, but we have seen increased interest in the wine category,” Malone said, referring to private-equity investors.

这种兴趣部分被认为是PE参与45岁的纳帕谷（Napa Valley）的兴起的高级葡萄酒和豪华葡萄酒，现在被称为Duckhorn Portfolio。GI Partners于2007年从该家族收购了Duckhorn Wine Company，并支持创始人对品牌的投资，向数百英亩的葡萄园和酿酒厂的建造投入了超过6000万美元。

In 2016, GI sold Duckhorn to San Francisco-based TSG Consumer Partners, reportedly for about $600 million, and Duckhorn two years later acquired luxury Sonoma County pinot noir brand Kosta Browne. Duckhorn held an initial public offering of 20 million shares of stock in March, raising about $300 million. TSG owned about three-quarters of Duckhorn’s stock when it went public, but pared that back to less than two-thirds in October amid a follow-up offering of 13.8 million shares.

他在10月4日的一次电话会议上说，在报告其第四季度财务业绩时，Duckhorn首席执行官Alex Ryan表示，“创意并购机会”是2022年《超越》中“可持续，有利可图的增长”的途径。

瑞安说：“对于我们的资本分配，我们将是明智的。”

另一项关键的PE举动，触及了今年10月在华盛顿州立大学的Ste的北海岸葡萄酒业务。必威二维码下载Michelle Wine Estates是一项12亿美元的交易，其中包括当地品牌，例如Stag的Leap Wine Cellars和Patz＆Hall。

旗帜年的交易年

这笔交易是今年一系列交易之一。

“I think that we're seeing more transactions in 2021 than in any year since 2017,” Nicholson said.

There have been a dozen sizable wine business M&A deals his Healdsburg-based firm has tracked so far this year, compared with eight last year, seven in 2019, 11 in 2018 and 14 in 2017. But the total deal value so far in 2021 has been “very high,” at $3 billion to $3.5 billion, Nicholson said.

但是2021交易价值统计是由三项主要交易歪曲的，其中包括一项用于Ste的交易。他说，米歇尔。

Constellation Brands以8.1亿美元的价格向E.＆J。Gallo酿酒厂出售了30多个低价的品牌。总部位于纳帕的Delicato家族葡萄酒以估计价值超过五亿美元的交易，购买了索诺玛县的弗朗西斯·福特·科波拉和弗吉尼亚州迪尔酿酒厂。

2022年葡萄酒产业并购前景ro必威手机登录bust, as deals that were in progress and set to close were shelved during the economic uncertainty and travel restrictions of the coronavirus pandemic, according to Mario Zepponi, a principal of Santa Rosa-based M&A consultancy Zepponi & Company.

“We think it’s going to be a very good year in 2022,” Zepponi said. “What 2021 didn’t have is the return of international travel. And for the North Coast that’s important for French and other buyers in taking look at North Coast opportunities, but they were not able to travel here until November.”

品尝豪华霞多丽

The Treasury Wine Estates deal for Frank Family Vineyards, set to close next month, comes as the publicly traded Australia-based company said it has completed a selloff of lower-priced U.S. brands as part of a focus on higher-priced brands, a trend commonly called premiumization. Those divestments netted Treasury AU$300 million ($218 million), the company said.

弗兰克家庭葡萄园的交易将包括位于1091 Larkmead Lane的Calistoga酒庄和品尝室，一些葡萄园（其他葡萄园）和库存。根据财政部的数据，年产量约为160,000例。酿酒师兼总经理托德·格拉夫（Todd Graff）将继续监督运营。

Rich和Leslie Frank的所有人将继续参与该品牌，并将保留在卢瑟福（Rutherford）的温斯顿山葡萄园（Winston Hill Vineyard）和卡内罗斯（Carneros）葡萄酒种植地区纳帕县（Napa County）的刘易斯葡萄园（Lewis Vineyard）的所有权。财政部将获得本杰明葡萄园和卢瑟福以及纳帕县东部的S＆J葡萄园。

美国财政部总部位于纳帕美洲业务的总裁本·多拉德（Ben Dollard）称这项交易是“朝着成为美洲高级葡萄酒市场领导者的野心迈出的另一个重要一步。”

该公司指出，弗兰克家庭葡萄园（Frank Family Vineyards）填补了“豪华霞多丽的关键投资组合差距”。财政部表示，它将使用其国家分销网络和包括葡萄采购在内的加利福尼亚资产来帮助发展品牌。

The acquisition would place Treasury as a No. 3 player in U.S. premium chardonnay and No. 2 for such wine retailing for over $25, the company said.

The deal price is figured to equate to 13.2 times earnings before interest, tax, depreciation, amortization and stock compensation, Treasury said. The company said it plans to pay for it with $240 million in debt plus cash, including proceeds from recent divestments.

Frank Family Vineyards last fiscal year had net sales revenue of $54 million and pro forma earnings of $21 million. Rich Frank started the wine company in 1992.

财政葡萄酒庄园品牌包括Penfolds，Beaulieu葡萄园（BV），Beringer，Stags的Leap，19个犯罪和Sterling Vineyards。

Excited by cider

Vintage Wine Estates’s deal for The California Cider Company, the Sebastopol-based maker of the Ace brand, closed Tuesday. It added about 1 million 9-liter cases (90,000 barrels) to annual production for the Santa Rosa-based wine company. Vintage already was the 15th largest U.S. wine producer, at over 2 million cases a year previously.

该交易定于11月16日星期二结束，将在总部位于圣罗莎的葡萄酒公司的年度生产中增加约100万个9升9升案例（90,000桶）。年份已经是美国第15大葡萄酒生产商，一年前超过200万箱。

California Cider, founded in 1993, has been a pioneer among family-owned hard cider producers in the U.S. Annual sales are about $20 million, and compound annual growth rate has been in the mid-teens for the past five years, according to Vintage.

苹果汁创始人兼总裁Jeffrey房子和儿子s Jason House, vice president of production and operations, and Simon House, vice president of sales and marketing, are said to be remaining involved with the company. Other terms of the deal weren’t disclosed.

“This strategic acquisition adds an innovative product line to our RTD (ready-to-drink) category and brings us access to a significant new sales channel for distribution, through which we expect we can push many of our brands,” Vintage Wine CEO Pat Roney said in the announcement. “ACE is an excellent complement to our wine portfolio and its products are distributed through the beer channel which provides a new growth opportunity for all of our RTD products. Importantly, this provides another platform from which we can expand by executing our strategy of consolidating highly fragmented offerings where we can leverage our production and marketing expertise to gain market share, capture more customers and increase volume.”

This acquisition follows several Vintage Wine has made in recent months following its becoming a public company early this year. Before California Cider, the company made a larger move into the membership club market with the acquisition of Vinesse in October, The Sommelier Company in June and Kunde Family Winery in April.

Vintage Wine reported fiscal first-quarter earnings were $2.8 million on $55.7 million in net revenue, down from $3.2 million in net income a year before and $53.8 million in quarterly revenue.

Jeff Quackenbush涵盖了葡萄酒，建筑和房地产。在《商业杂志》之前，他在旧金山为贝城新闻服务撰稿。他拥有瓦拉·瓦拉大学（Walla Walla University）的学位。通过jquackenbush@busjrnl.com或707-521-4256与他联系。