Treasury Wine Estates (TWE), the Australian wine company behind brands like Penfolds and Beringer, is following up on its $600 million deal last year to buy most of Diageo's wine business by acquiring U.S. import rights for a number of prestigious European brands that Diageo formerly handled. According to Shanken News Daily, a sister publication of Wine Spectator, TWE has formed Treasury Chateau & Estate to house this import lineup.
Sandra LeDrew, TWE Americas president, has prior experience with many of Treasury's new luxury imports, having led Diageo Chateau & Estate as president from 2009–'11. "I've had the pleasure of meeting many of the families behind these iconic brands," LeDrew says. "This portfolio will open new doors which we might not have had access to otherwise, giving us the ability to be present in the best accounts in the most important markets."
Diageo's old Chateau & Estate lineup was one of the world's most impressive, importing an excellent range of Burgundies, as well as wines from Bordeaux, Provence, Italy and Spain. The addition of the former Diageo-imported wines dovetails with TWE's ongoing initiative to shift upmarket as U.S. wine consumers continue to trade up.
For more details on the deal, check out the full report at Shanken News Daily.