FAIRPORT, N.Y., March 15 /PRNewswire-FirstCall/ -- Constellation Brands, Inc. (NYSE: STZ; ASX: CBR) today announced it has finalized the sale of its Arrowood and Byron wine assets to The Legacy Estates Group LLC, owners of the Freemark Abbey Winery located in St. Helena California. The sale closed today. Of the $40 million purchase price, $20.5 million will be paid to a third party to satisfy obligations remaining from the original purchase of these wine assets by The Robert Mondavi Corporation.
Included in the sale are the Arrowood, Grand Archer, Byron and IO brands and all inventory, grape contracts, wineries and vineyards associated with the operations being sold. Arrowood is based in Sonoma, Calif., while Byron is headquartered in Santa Maria, Calif. Combined sales of these four brands is 87,000 cases annually.
Sale of the Arrowood and Byron wine assets was initiated prior to the Dec. 22, 2004, acquisition of The Robert Mondavi Corporation by Constellation Brands.
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. Well-known brands and products in Constellation's portfolio include: Corona Extra, Corona Light, Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl, Tsingtao, Black Velvet, Fleischmann's, Mr. Boston, Paul Masson Grande Amber Brandy, Chi-Chi's, 99 Schnapps, Ridgemont Reserve 1792, Effen Vodka, Stowells, Blackthorn, Almaden, Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys, Nobilo, Alice White, Ruffino, Robert Mondavi Private Selection, Blackstone, Ravenswood, Estancia, Franciscan Oakville Estate, Simi and Robert Mondavi Winery. For additional information about Constellation Brands, as well as its product portfolio, visit the company's Web site at http://www.cbrands.com .
FORWARD LOOKING STATEMENT
Statements made in this news release which are not historical facts are forward-looking statements that involve risk and uncertainties that could cause actual results to differ materially from those set forth in, or implied by, the forward-looking statements. Included among those risks and uncertainties are those associated with closing transactions. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For Constellation Brands, Inc.