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HOPLAND, Calif. – Vina Concha y Toro S.A. and Brown-Forman Corp. announced Tuesday the acquisition by Vina Concha y Toro of Fetzer Vineyards and related assets from Brown-Forman in California.
The purchase price for the transaction is $238 million.
The transaction is expected to close in April.
The acquisition includes a portfolio of brands with attractive positioning in the American wine market: Fetzer, Bonterra, Five Rivers, Jekel, Sanctuary and Little Black Dress.
For fiscal year 2010, the acquired brands represented volumes of 3.1 million cases and net sales of $156 million; Concha y Toro will also acquire assets including vineyards, cellars and a bottling plant.
Fetzer is one of the top 10 brands by volume in the U.S. market with sales of 2.2 million cases annually.
Fetzer is also a pioneer in the development of sustainable practices and recognized as an environmental leader, a commitment that has been a hallmark of the brand for the last 20 years.
Bonterra is the undisputed leader in the premium organic category and pioneered the development of vineyards in this category since 1987, with sales of 300,000 cases annually.
“The Fetzer acquisition is the largest transaction of this type in the company's history,” said Vina Concha y Toro Chief Executive Officer Eduardo Guilisasti.
He added, “It represents a continuation of our business strategy, which has been carried out successfully over time and enabled us to enjoy steady growth. We believe that this transaction opens additional growth opportunities globally, as well as in the American market, with its main brands Fetzer and Bonterra. We further intend to incorporate the culture of excellence and commitment of the great team at Fetzer who have created exceptionally strong consumer brands.”
Paul Varga, chief executive officer of Brown-Forman said, “Fetzer and Bonterra have been wonderful brands for Brown-Forman over the years, but as our company has grown globally and our portfolio strategy has evolved, we believe refocusing our resources on what we deem to be our best opportunities for strong growth will provide superior shareholder returns over the long term. And we are particularly pleased that such a prestigious wine company as Vina Concha y Toro will continue the legacy of success these brands have enjoyed over the last several decades.”
Deutsche Bank acted as financial advisor in this transaction and Baker & McKenzie provided legal counsel to Concha y Toro.
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SACRAMENTO – On Monday the Board of Equalization (BOE) released California gasoline and diesel consumption figures for November 2010.
California gasoline consumption increased 2.6 percent in November 2010, and diesel fuel consumption increased 4.9 percent, compared with November 2009.
“California’s gasoline consumption fluctuated moderately for most of last year, which was consistent with last year's stable prices,” said Board Member Betty T. Yee. “However, price per gallon showed a continued upward price trend late last year and into the New Year. Consumption information for this period will be available in future reports.”
In November 2010, gasoline demand rose 2.6 percent when Californians used 1.20 billion gallons of gasoline compared to 1.17 billion gallons in November 2009.
The average California gasoline price at the pump in November 2010 was $3.20 per gallon compared to $3.01 in November 2009, a 6.3 percent increase.
The national average price for gasoline in November 2010 was $2.91 per gallon compared to $2.71 a year earlier.
Diesel fuel sold in California during November 2010 totaled 207 million gallons compared to November 2009’s total of 198 million gallons, which is an increase of 4.9 percent.
California diesel prices were $3.30 per gallon in November 2010 an increase of 11.5 percent compared to November 2009 when the average diesel price was $2.96 per gallon.
The national average price for diesel fuel in November 2010 was $3.14 per gallon compared to $2.80 a year earlier.
The BOE is able to monitor gallons through tax receipts paid by fuel distributors.
The figures reported monthly are net consumption that includes BOE audit assessments, refunds, amended and late tax returns, and State Controller’s Office refunds.
Figures for December 2010 are scheduled to be available at the end of March 2011.
All monthly, quarterly, and annual figures can be viewed at: www.boe.ca.gov/sptaxprog/spftrpts.htm.
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CLEARLAKE, Calif. – IGA has announced that Clearlake-based Foods Etc IGA and owner Dennis Darling have been awarded the IGA Five Star honor for achievement in IGA’s Assessment Program. Five Star is the highest level of recognition possible under the Assessment Program’s rigorous standards.
The IGA Assessment Program focuses on store appearance and product quality, employee training, customer service, engagement in IGA consumer-focused marketing events, and support and involvement in the local community.
The IGA Assessment Program involves four unrevealed and one revealed assessment within the course of a year, and also incorporates a customer feedback component.
“IGA’s customers know that when they shop at IGA, they’re supporting not only their local independent retailer, but their community as a whole,” IGA CEO Mark Batenic said. “The heart and soul of IGA retailing is providing our customers with the very best level of service along with a personalized, community-focused experience.”
Batenic continued, “Foods Etc. is a shinning example of a store that is elevating the power of the IGA Brand by providing a total customer experience. We’re proud of Dennis Darling and Foods Etc. IGA’s achievement and thank all the customers who inspired the Foods Etc. team to be the best.”
“We at Foods Etc IGA are so proud to be Lake County’s Five Star IGA,” Darling said. “We achieved this honor by working as a team to meet the needs of our customers. I’d like to thank my dedicated team for their hard work day in and day out.”
IGA is the world’s largest voluntary supermarket network with aggregate worldwide retail sales of more than $21 billion per year.
The alliance includes nearly 5,500 Hometown Proud Supermarkets worldwide, supported by 36 distribution companies and more than 55 major manufacturers, vendors and suppliers encompassing everything from grocery to equipment items. IGA has operations in 46 of the United States and more than 40 countries, commonwealths and territories.
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MIDDLETOWN, Calif. – Chic Le Fleur, a tea and pastry shop with a European flair, opened in Middletown last month and is now serving up hand-crafted French pastries, cupcakes, local coffee and specialty teas.
The menu of fresh, locally baked goods changes daily, and a listing and photos of the day’s temptations may be found on the Chic Le Fleur Web site, www.ChicLeFleur.com, as well as on its Facebook page.
A sample of recent offerings includes lemon bars, tiramisu cupcakes, chocolate-dipped madeleine cookies, butterscotch almond scones and sticky buns. Fresh-baked pies will be available soon.
The shop, located in the Middletown Plaza opposite Middletown High School, is the brainchild of two Lake County entrepreneurs, Julie Hoskins and Tina Stewart.
Hoskins is the chef-owner of Chic Le Chef, a specialty catering company headquartered in Hidden Valley Lake, and Stewart is the proprietor of Middletown Florist and Gifts.
Hoskins and Stewart, each with decades of business experience, combined their talents to create this joint venture, with Hoskins providing culinary expertise and Stewart retail acumen.
The name “Chic Le Fleur” is a meld of their individual business names (with “fleur” meaning flower in French).
The made-from-scratch philosophy that launched Chic Le Chef will also underpin Chic Le Fleur.
Pastries are baked fresh at the Chic Le Chef kitchen with all-natural ingredients like creamery butter, farm-fresh eggs, fresh lemon zest, rich chocolate, and berries in season.
In addition to sweets, the owners plan to rotate savory items into the menu at a later time, such as savory quiches and vegetable tarts, perfect for a light lunch.
Teas offered at Chic Le Fleur are specialty blends crafted by the award-winning Leland Tea Co. of San Francisco, and the coffee – organic and fair trade – is roasted in Lakeport by the Kelsey Creek Coffee Co.
The variety of tea on the menu reflects a desire to highlight the bounty of Lake County. Blends such as pear caramel and “grape stomp” provide a nod to the agriculture of the area.
Some of the teas have floral notes, appropriate to Stewarts’ background as a florist.
Customers are invited to experience the tea before purchase via samples on the counter that provide a vehicle to smell, see, and touch the blends.
The Parisian-inspired décor of the shop provides a peaceful place for sipping tea alone or with friends.
Clients Jane’a Rubio and Jamie McDowell expressed excitement about a new spot for tea and a chat. In Rubio's words, “There are plenty of coffee spots, but nothing like this. It’s like a cupcakery, but with so much more.”
In addition to edibles, boutique gift items and selected cookbooks will be offered for sale soon, and the shop is available as an event venue for local gatherings.
For information on renting the space for your group or for private catered high teas, call them at 707-987-3040 or visit their Web site.