Brown‑Forman, the maker of well-known brands such as Jack Daniel’s, Gentleman Jack, Korbel, Woodford Reserve, Old Forester, and Coopers’ Craft, has announced its intention to sell its Sonoma‑Cutrer Vineyards and related brand trademarks, facilities, and six vineyards to The Duckhorn Portfolio, a premier wine group.
According to the agreement, Brown‑Forman will receive $50 million, as well as an ownership percentage of approximately 21.5% in The Duckhorn Portfolio and two seats on The Duckhorn Portfolio’s board of directors. Subject to certain customary closing adjustments and conditions, the transaction is expected to close in the fourth quarter of fiscal year 2024.
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“The Duckhorn Portfolio has a strong reputation for producing and marketing some of the world’s finest wines. Their understanding of the wine consumer, combined with a strong and diverse route to market, give Brown‑Forman great confidence that Sonoma‑Cutrer will continue to grow and thrive as part of the larger Duckhorn portfolio,” says Lawson Whiting, president and chief executive officer.
“Adding Sonoma‑Cutrer to The Duckhorn portfolio will enhance one of the most respected wine portfolios in the industry. Moreover, we believe an equity stake in The Duckhorn Portfolio will be a valuable investment for Brown‑Forman, allowing us to maintain a presence in the wine category while focusing resources on building our premium and super-premium spirits brands.”
The Brown‑Forman portfolio includes leading beverage alcohol brands, such as Jack Daniel’s Tennessee Whiskey, Jack Daniel’s Ready-to-Drinks, Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fire, Jack Daniel’s Tennessee Apple, Gentleman Jack, Jack Daniel’s Single Barrel, Woodford Reserve, Old Forester, Coopers’ Craft, The GlenDronach, Benriach, Glenglassaugh, Slane, Herradura, el Jimador, New Mix, Korbel, Chambord, Fords Gin, Gin Mare, and Diplomático Rum.