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The Duckhorn Portfolio (NYSE: NAPA) has entered into new distribution agreements with Republic National Distributing Company (RNDC) and Breakthru Beverage Group (BBG) to enhance its wholesale distribution network across the United States. This strategic move follows the acquisition of Sonoma-Cutrer, making Duckhorn the largest supplier of $15+ wines in the U.S. off-premise channel. RNDC will distribute Duckhorn's wines in 21 states, and BBG in 11 states, beginning this summer. The agreements aim to drive profitable growth, increase shareholder value, and enhance market penetration.
The Duckhorn Portfolio (NYSE: NAPA) has appointed Dave Burwick to its Board of Directors, effective May 21, 2024. Burwick, who brings over 30 years of experience in the beverage industry, recently retired as President and CEO of The Boston Beer Company (NYSE: SAM). He will chair the Nominating and Corporate Governance Committee and serve on the Audit Committee. Burwick's extensive background includes leadership roles at Peet's Coffee & Tea, WW International, and PepsiCo. Both Duckhorn's leadership and Burwick emphasize the potential for significant growth and value creation. Burwick also holds an MBA from Harvard Business School and is a board member at Deckers Outdoor
Brown-Forman (NYSE: BFA, BFB) completed the sale of Sonoma-Cutrer Vineyards to The Duckhorn Portfolio, Inc. for $50 million USD and 21.5% ownership in April 2024. Brown-Forman executives Marshall Farrer and Tim Nall join The Duckhorn Portfolio's Board of Directors.
The Duckhorn Portfolio, Inc. (NYSE: NAPA) appoints Deirdre Mahlan as President, CEO, and Chairperson. Mahlan brings 30 years of industry experience and will focus on integrating Sonoma-Cutrer Vineyards acquisition, advancing route-to-consumer strategy, and driving profitable growth. The Company closed the acquisition of Sonoma-Cutrer Vineyards, enhancing its position in the luxury wine market. The Company is conducting a distribution network evaluation and expects third quarter net sales to be $91M-$93M due to soft wine market demand. The Company will provide updated fiscal 2024 outlook on June 6, 2024.
The Duckhorn Portfolio, Inc. (NYSE: NAPA) has successfully acquired Sonoma-Cutrer Vineyards for approximately $50 million in cash and stock, bolstering its position as a premier luxury wine producer in the US. The acquisition adds iconic Chardonnay brands to its portfolio and is expected to drive growth and value creation for stakeholders. This move aligns with the company's strategy to expand its luxury wine offerings and reach a broader consumer base.