Pernod Ricard USA has entered into an agreement to purchase the assets. The acquisition is expected to close before June 30, 2014.
The company says the acquisition reflects both Pernod Ricard's confidence in the development of its wine portfolio and its ambitions in the US, the largest market of the group.
Pernod Ricard USA CEO, Bryan Fry, of said: “Thanks to its long heritage and premium positioning within the well-known Sonoma region, Kenwood offers a unique brand proposition that will strengthen the position of Pernod Ricard’s wine business in the United States.”
Pierre Pringuet, Pernod overall CEO added: “Kenwood will support the company's ambition in wine and fits ideally within Pernod Ricard’s multi-origin wine portfolio strategy. In addition, this transaction illustrates Pernod Ricard’s ability to seize tactical growth opportunities that can benefit our entire portfolio in key markets such as the United States.”
