News Alert: Constellation Closes $265 Million Sale Of Paul Masson Grande Amber Brandy To SazeracJanuary 12, 2021
Constellation Brands has closed its sale of Paul Masson Grande Amber Brandy to Sazerac for $265 million. The deal includes the brand, related inventory, and interests in certain contracts, and is subject to post-closing adjustments. Impact Databank estimates Paul Masson was up 4% to 1.17 million cases last year.
“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 CEO. “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.”
Last week, Constellation also closed its $810 million sale of a host of lower-priced wine brands to E.&J. Gallo, as well as a separate $130 million divestiture of Nobilo New Zealand Sauvignon Blanc, also to Gallo.—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.