LVMH BUYS VINEYARD STAKE
PARIS — French luxury group LVMH Moet Hennessy Louis Vuitton said Thursday it had acquired majority stakes in the Newton and MountAdam vineyards for about $47.5 million (converted from euros at current exchange).
LVMH, headed by French businessman Bernard Arnault, already controls champagne makers Moet Chandon and Veuve Clicquot, as well as France’s Chateau d’Yquem, Cloudy Bay in New Zealand, Cape Mentelle in Australia and Terrazas in Argentina.
Newton Vineyard, a 60-hectare (148- acre) estate located in Napa Valley, Calif., produces chardonnay, cabernet sauvignon and merlot vines. For its part, the Eden Valley, Australia-located MountAdam makes pinot noir, cabernet sauvignon, shiraz, and chardonnay. It is a 50-hectare (123-acre) estate.
“Moet Hennessy will assist these two exceptional wine estates throughout their continued growth and in building their international presence,” said Philippe Pascale, chairman and ceo of Moet Hennessy, LVMH’s wine and spirit division, in a statement.
LVMH conducted the transaction via its Veuve Clicquot Ponsardin subsidiary, which will distribute the acquired brands worldwide.