New Business Relationship Offers Growth Opportunities for
Ruffino Wine Brands in the United States
FAIRPORT, N.Y., Dec. 3 /PRNewswire-FirstCall/ -- Constellation Brands, Inc. (NYSE: STZ; ASX: CBR), Investindustrial L.P. and MPF International S.A. ("MPF"), today announced that Constellation Brands has purchased a 40 percent interest in Ruffino S.r.l., the well-known Italian fine wine company, for approximately $80 million (USD).
The Folonari family, owners of Ruffino since 1913, continues to retain the majority interest in, as well as management of, the Tuscany based company, while Investindustrial retains a minority interest in Ruffino.
Franciscan Estates, the fine wine division of Constellation Brands, will oversee distribution of Ruffino's products in the United States. The venture gives Franciscan Estates an entree to the attractive Italian premium wine category, and provides Constellation an interest in Ruffino's premium wine brands.
In announcing the venture, Jon Moramarco, president and CEO of Constellation's Franciscan Estates, said, "The wine brands and rich heritage of Ruffino give us a much-desired place in the attractive Italian premium wine category, and we look forward to expanding the Ruffino brand's distribution, image and prestige."
Adolfo Folonari, added, "We're excited about partnering with Constellation. We believe that Franciscan Estates will dedicate resources, focus and distribution capabilities that we need to ensure a robust and prosperous future for making Ruffino more successful."
The Folonari family maintains responsibility for day-to-day wine making and operations from Ruffino's headquarters in Tuscany. Adolfo Folonari will continue to focus on international operations, and his brother, Luigi Folonari, will continue to focus on domestic operations.
The 4,000 acres of Ruffino estates, including 1,500 acres of vineyards located in the best wine producing areas of Tuscany, will continue to be entirely owned by the Folonari family. The prestigious 100-acre Borgo Conventi Estate, purchased three years ago and located in Northern Italy's Friuli region, is also part of the family's properties.
Ruffino has a rich heritage around the world and a highly respected portfolio of Italian fine wines. Ruffino wines, which have always been synonymous with Italian quality, are widely recognized around the world. For more information on Ruffino, visit www.ruffino.com.
Constellation Brands, Inc. is a leading international producer and marketer of beverage alcohol brands with a broad portfolio across the wine, spirits and imported beer categories. Constellation Brands is a leading fine wine company in the United States. For more information about Constellation, visit www.cbrands.com.
Investindustrial is a leading Southern European investment group which provides industrial solutions and capital to mid-market companies principally in Italy and Spain. Its mission is to actively contribute to the development of the companies in which it invests, by creating growth opportunities and offering global solutions through an entrepreneurial pan-European vision. Investindustrial is independently managed by a dedicated team headed by Andrea C. Bonomi and advised by approximately 19 professionals with offices in Milan, Madrid, London and Jersey. For more information on Investindustrial, visit www.investindustrial.com.
SOURCE Constellation Brands, Inc.
all of Constellation Brands, Inc.
Web site: http://www.investindustrial.com
Web site: http://www.ruffino.com
Web site: http://www.cbrands.com