The Pernod Ricard team were in London today (February 18) to flesh on the bones for their half year interim results which were announced last week.
Chief executive officer Troy Christensen said the deal would spearhead Accolade Wines’ growth in the US.
“Initially we see that there is tremendous opportunity within the US to grow these brands but we also have the capacity to fit them within the portfolio we are now marketing in Europe, United Kingdom and the rapidly developing Asian markets, especially China.”
Geyser Peak is based in Alexander Valley, Sonoma and Atlas Peak in Napa Valley. XYZin specialises in Zinfandel production.
As part of the deal Accolade Wines will be leasing Geyser Peak’s homestead, its winery, 98 acres (38 ha) of Cabernet Sauvignon vineyard and the winery’s cellar door.
It is thought that job losses are not on the agenda and a spokesperson for Accolade said: “It’s very early - we’re integrating the businesses.”
Meanwhile, Ascentia Wine Estates has sold its Washington State Columbia Winery and Covey Run Wine brands to Gallo. Drinks International has contacted Gallo to ask about job losses.
All five wineries in the article were purchased from Constellation in 2008, when Ascentia was founded. The 2008 deal also included Buena Vista, Gary Farrell and Ste. Chapelle in Idaho and Ascentia paid $209m for the package.
The Ascentia Wine Estates website has been taken over by Accolade.