Korbel acquired the Kenwood brand, winery and estate vineyards in 1999 at a production level of 300,000 cases a year and grew it to its present amount of 500,000 cases a year.
Under Pernod Ricard USA, Kenwood will join a portfolio that includes Perrier-Jouët and G.H. Mumm Champagnes, Mumm Napa Sparkling, Brancott Estate, Graffigna, Campo Viejo and Jacob’s Creek. Pernod is also building interest in Deadbolt, a California still wine it introduced in 2012.
“We see continued growth in the wine and Champagne category in the USA, and we are focused on seizing opportunities to help us grow our share ahead of competition,” Fry said. “Consumption is growing, driven by Millennials; consumption of premium wines is growing; and consumers are more receptive to innovations. We’re committed to building brands of desire that meet these trends.”
The sale is expected to close on or before June 30, 2014.