The Limited Times

Now you can see non-English news...

An Argentine group bought a wine giant in the United States

2021-08-04T14:25:29.460Z

The Bemberg family acquired the majority stake in WX Brands, owner of important brands and strong in distribution. Blue dollar today: how much it is trading at this Tuesday, August 3



Roxana Badaloni

08/03/2021 12:56

  • Clarín.com

  • Economy

Updated 08/03/2021 2:34 PM

An Argentine wine group acquired

one of the largest wine distributors in the United States

.

Terold, the controlling company of

Grupo Peñaflor

, bought a majority stake in WX Brands.

Thus, the Bemberg family company accesses the commercialization and distribution of different brands of wines in the North American market and strengthens its export force in more than 95 countries.

"The were last Friday, July 30, the Bemberg family, through society Terold, acquired a controlling stake in the US company for wines and WX Brands", confirmed to

Clarin

managers of the Peñaflor Group, owner of brands

Trapiche,

The Esteco, Las Moras, Navarro Correas, Santa Ana, Suter, Santa Telmo and Mascota Vineyards, among others.

WX Brands, founded in 1999, is

one of the 15 leading wine trading companies in the United States

measured in terms of volume.

It exports its wines to 20 countries

, reaching a total marketed volume of 4 million boxes per year (36 million liters).

"WX Brands is for Terold an excellent complement to its current assets in the wine industry, which include both Grupo Peñaflor in Argentina,

as well as vineyards in Napa and Lodi, California,

" said the Argentine purchasing partners.

Although the players in this business operate in the same field, the decision of the Bemberg family is that the Peñaflor Group and WX Brands continue to operate

as independent companies.

Bread & Butter is one of the brands of WX Brands, the company that bought the Peñaflor Group in the United States.

However, from Peñaflor they clarify that "many synergies will arise in the future through working together."

And they explained that

this acquisition will help Peñaflor to boost its exports

and its distribution in the United States, and WX will also benefit from the extensive commercial network that Grupo Peñaflor has in almost 100 countries.

The Argentine wine group Peñaflor, with wineries and vineyards in different Argentine regions, strengthened its export profile in 2010, when Terold acquired its businesses in Argentina.

In 2016, Peñaflor concentrated the

wine operations

of

Diageo

in the country and signed a distribution agreement and spirits production company based in the United Kingdom in Argentina, Chile, Uruguay and Paraguay.

By 2021, the Peñaflor group

plans to exceed 200 million dollars in exports,

which involve 6 million cases of wines that go to the world market.

The group now

represents 27% of Argentine wine exports

, according to the announcement of the agreement.

The company also owns vineyards in Napa Valley and Lodi.

According to the

Business Jornal

portal

, WX Brands is a company that sells wines but does not have its own wineries or vineyards.

Its main activity is to bottle the wines and sell them to different distributors within the United States and for export.

Its main headquarters are in the city of Novato, California.

It is one of the largest wine producers in the country with its own brands

, as well as those of retailers and other companies.

"WX Brands has built a strong business based on strong brand investments,

a clean balance sheet

, strong distribution and a

deep understanding of the wine consumer,"

said Diego Herrera Sainz de Vicuña, a member of Terold's board of directors, at the ad.

“This investment is the result of several years of international expansion work.

WX Brands is an excellent

complement to our current

wine industry

portfolio

.

We are convinced that both Bemberg Family Group and WX Brands will benefit enormously ”, he added.

WX Brands started in 1999 as a business-to-business e-commerce portal called the Winery Exchange, but its business model quickly changed to produce exclusive brands of wine, beer and spirits.

Several years ago, the company began building and acquiring its own national and global brands, including Bread & Butter, Jelly Jar, Napa Valley-focused Double Lariat, and Chronic Cellars, focused on California's central coast.

Currently, the company sells 4 million cases of wine per year

from 14 countries.

WX Brands is now the fourteenth largest supplier to the US wine market, according to the February Wine Business Monthly report.

“We have known and respect the Bemberg Family Group and the Peñaflor Group for two decades.

This partnership is a huge vote of confidence for the WX Brands team and will accelerate the growth and success of both businesses, ”Byck said in a statement.

Terold's origins date back to 1888, when

Otto Bemberg's

Quilmes

became the largest brewing conglomerate in South America.

The Bemberg Family Group sold it to AB InBev in 2006 after a 50% joint venture.

Over the past three decades, Bemberg's interests have included beverage industry partnerships with Heineken, AB InBev, Coca-Cola, PepsiCo, and Nestlé.

NE

Source: clarin

All business articles on 2021-08-04

You may like

News/Politics 2021-08-19T11:10:58.713Z

Trends 24h

Business 2021-09-22T20:56:12.297Z

Latest

© Communities 2019 - Privacy