Foster's Wine Estates plans to sell Geyserville Winery
Purchase agreement signed with The Coppola Companies.
02/11/05 Foster's Wine Estates (FWE) announced that it intends to sell its Geyserville winery and has entered into a purchase agreement with The Coppola Companies. The Geyserville winery, currently the home to FWE's popular Chateau Souverain brand, is a landmark in northern Sonoma County.
The purchase agreement is targeted to close escrow in February, 2006, pending completion of due diligence by both parties. Included in the purchase is a staffed winery production & bottling facility, restaurant and tasting room/gift shop. The price of the sale is to be kept confidential by both parties. The sale of the winery is a result of FWE's ongoing review of its assets that began in January 2004.
Chateau Souverain, well known for its award-winning Alexander Valley and Sonoma County-appellated wines, will be moved to the company's historic Asti Winery near Cloverdale, which is being redesigned and updated to tailor it specifically to the brand's winemaking needs. With the Asti redesign, and FWE plans to consolidate most of its bottling into a new facility in Napa in 2006, the company no longer needs the capacity available at the Geyserville facility. Chateau Souverain wines will continue to be made from 300+ acres of estate vineyards surrounding the Asti winery, and grower vineyards.
Foster's Wine Estates (FWE), is the world's leading premium wine business. Formed in 2005 when parent company Foster's Group acquired Southcorp Wines and merged it with its existing Beringer Blass Wine Estates subsidiary, Foster's Wine Estates has Australian and Californian roots dating back to the 19th century. It produces and markets an international portfolio of premium quality, branded wines -- with Beringer, Lindemans, Penfolds, Rosemount Estate and Wolf Blass being the best known and most widely distributed. Other key market-leading or boutique brands include Chateau St Jean, Chateau Souverain, Castello di Gabbiano, Etude Wines, Greg Norman Estates, Stags' Leap Winery, and Matua Valley.
