Treasury Wine Estates (TWE) has reached an agreement to acquire the Frank Family Vineyards (FFV) in Napa for $US315 million.
The sale includes the historic winery, brand and vineyard holdings.
The transaction is expected to close in December.
“The FFV portfolio is complementary to Treasury Americas, filling a key portfolio opportunity for luxury Chardonnay,” TWE says in a statement.
“TWE is well placed to enhance FFV’s growth given its leading luxury sales credentials, national distribution network and access to exceptionally high-quality vineyards.”
The acquisition includes the Frank Family Tasting Room located at 1091 Larkmead Lane in Calistoga, the Benjamin Vineyard in Rutherford, the S&J Vineyard in Capell Valley.
The portfolio of luxury wines includes three collections with retail price points ranging from $US38 to $US225 per bottle.
Frank Family winemaker and general manager Todd Graff will remain with the business.
Rich and Leslie Frank will maintain the ownership of Winston Hill Vineyard in Rutherford and the Lewis Vineyard in Napa, Carneros.
Both vineyards will continue to source grapes for the Frank Family reserve tier after the sales agreement.
Treasury Americas President Ben Dollard says, “The acquisition of Frank Family Vineyards represents an outstanding addition to the Treasury Americas brand portfolio and is another important step towards our ambition of becoming the premium wine market leader in the Americas.
“Rich, Leslie and the entire Frank Family Vineyard team have built an outstanding legacy that we are excited to nurture for years to come.
“We are thrilled that Rich and Leslie will continue to be very involved and welcome the FFV team to Treasury Wine Estates.”
Rich Frank says, “Leslie and I look forward to continuing to be a part of the next chapter of Frank Family Vineyards, a business we have spent nearly three decades cultivating into a beloved luxury wine brand.
“We have prided ourselves on creating a family atmosphere among our staff and our guests and know this legacy will carry on.
“We, along with our team, are excited to remain actively involved with Frank Family, while also taking on new leadership roles with Treasury Americas.”