{"id":44042,"date":"2023-10-30T23:19:03","date_gmt":"2023-10-30T23:19:03","guid":{"rendered":"https:\/\/hg-businessconsulting.com\/?p=44042"},"modified":"2023-10-30T23:19:03","modified_gmt":"2023-10-30T23:19:03","slug":"penfolds-maker-buys-californian-luxury-winemaker-for-1-6-billion","status":"publish","type":"post","link":"https:\/\/hg-businessconsulting.com\/world-news\/penfolds-maker-buys-californian-luxury-winemaker-for-1-6-billion\/","title":{"rendered":"Penfolds maker buys Californian luxury winemaker for $1.6 billion"},"content":{"rendered":"<h3>Save articles for later<\/h3>\n<p>Add articles to your saved list and come back to them any time.<\/p>\n<p>Penfolds owner Treasury Wine Estates is upping its bets on the global growth potential of the luxury wine market, agreeing to fork out up to $1.6 billion to buy high-end Californian winemaker Daou Vineyards.<\/p>\n<p>The ASX-listed drinks business revealed to investors on Tuesday morning that it had entered a deal to buy Daou, a business founded in 2007 by brothers Georges and Daniel Daou, in a deal worth $US900 million ($1.4 billion), plus a possible additional payment of $US100 million if certain growth thresholds are met, bringing the total price tag to $US1 billion ($1.57 billion).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.ffx.io\/images\/$zoom_0.113%2C$multiply_0.7725%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0\/t_crop_custom\/q_86%2Cf_auto\/6ffee425a027e3ea15bdd361fc850ed3bf130d84\" height=\"390\" width=\"584\"><\/p>\n<p><span>Treasury Wine Estates chief executive Tim Ford said the group continued to see long-term growth opportunities in the luxury wine segment. <\/span><cite class=\"ojLwA\"><span>Credit: <\/span>Eamon Gallagher<\/cite><\/p>\n<p>The deal will be funded through a combination of an $825 million equity raising, a $157 million placement of shares to the owners of Daou, and taking on $311 million of debt, the Melbourne-based company said in a statement to the Australian sharemarket on Tuesday morning.<\/p>\n<p>Daou is based in Paso Robles, California, and was founded by the Daous, which the Californian winemaker describes on its website as \u201cbrothers, best friends, and visionaries\u201d.<\/p>\n<p>The group makes wines across five product tiers ranging from $US20 and $US500 a bottle, and owns a tasting room venue, four luxury vineyards and four wineries.<\/p>\n<p>Treasury chief executive Tim Ford said the purchase would help the Australian company build on its focus on the luxury wine market, which presents opportunities globally.<\/p>\n<p>\u201cWe continue to see strong long-term growth trends for luxury wine in [Treasury\u2019s] key global markets, with a significant value creation opportunity leveraging and building on the strengths today of TWE, Penfolds, Treasury Americas and DAOU to create a multi-brand global luxury wine business of scale,\u201d he said in the company\u2019s statement to the ASX.<\/p>\n<p><strong>More to come<\/strong><\/p>\n<p><b><i>The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. <\/i><\/b><b><i>Sign up to get it every weekday morning<\/i><\/b><b><i>.<\/i><\/b><\/p>\n<h2>Most Viewed in Business<\/h2>\n<p>Source: <a href=\"https:\/\/www.theage.com.au\/business\/companies\/penfolds-maker-buys-californian-luxury-winemaker-for-1-6-billion-20231031-p5eg9y\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Save articles for later Add articles to your saved list and come back to them any time. Penfolds owner Treasury Wine Estates is upping its bets on the global growth potential of the luxury wine [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Penfolds maker buys Californian luxury winemaker for $1.6 billion - hg-businessconsulting<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hg-businessconsulting.com\/world-news\/penfolds-maker-buys-californian-luxury-winemaker-for-1-6-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Penfolds maker buys Californian luxury winemaker for $1.6 billion - hg-businessconsulting\" \/>\n<meta property=\"og:description\" content=\"Save articles for later Add articles to your saved list and come back to them any time. 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