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Brown-Forman sells Italian wine business
Brown-Forman has sold its Italian wine business to Gruppo Italiano Vini (GIV). The US company said that the sale, comprising Bolla and Fontana Candida brands, is part of a continued effort to focus resources on its most profitable products.
Commenting on the decision, Brown-Forman CEO Paul Varga said: “Both Bolla and Fontana Candida were nice brands for Brown-Forman over many years, and we’re pleased they will continue on in the capable hands of GIV.”
Brown-Forman began distributing Bolla wines in 1968 and by 2000 had bought the business outright. It has owned the Fontana Candida brand since 1987. Both Italian wines were in fact produced by GIV.
The terms of the deal were not disclosed, although the transaction is expected to close in December and GIV will assume responsibility for Bolla in all markets outside the US on 1 January, 2009.
In North America, both Bolla and Fontana Candida will be transferred to GIV by 30 April. Until the transfer is completed Brown-Forman will serve as an agent for these brands in the US.
Patrick Schmitt 03/12/08