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    Treasury Buys Napa Valley Luxury Winery, Frank Family Vineyards

    Treasury Wine Estates (ASX: TWE) is buying Napa Valley luxury winery, Frank Family Vineyards, including its brands and most of its properties, for $315 million almost 30 years after former Disney Studio president Rich Frank founded it in 1992 on property that once was the Hans Kornell Champagne Cellar on Larkmead Lane.

    Frank, his wife Leslie and winemaker and general manager Todd Graff will continue to manage the estate, while the Franks will maintain ownership of two vineyards which will continue to source grapes to the winery. Frank, who is 78, will also serve in a more-general advisory capacity to TWE. Sources say that one of the reasons for the sale was that there is no immediate family heir.

    Among other reasons for purchasing the winery, publicly traded Treasury cited Frank Family’s position in the Napa Valley luxury Chardonnay market that will fit well into the TWE portfolio. Frank Family has an extensive range of white, red and sparkling wines that retail for between $38 per bottle to $225.

    In a prepared statement, Ben Dollard, Treasury Americas President, said, “The acquisition of Frank Family Vineyards represents an outstanding addition to the Treasury Americas brand portfolio and is another important step towards our ambition of becoming the premium wine market leader in the Americas.

    “Rich, Leslie and the entire Frank Family Vineyard team have built an outstanding legacy that we are excited to nurture for years to come,” Dollard continued. “We are thrilled that Rich and Leslie will continue to be very involved and welcome the FFV team to Treasury Wine Estates.”

    In a statement of transaction highlights, TWE cited:

    Transaction value US$315m, implying an EV / F21 EBITDAS acquisition multiple of 13.2x, favourable to both current TWE and historic luxury wine transaction multiples.
    FFV is a highly-acclaimed luxury wine business based in the Napa Valley with a long-term track record of delivering strong revenue and EBITS growth in addition to EBITS margins in the range of 35-40.

    The purchase is expected to close during December 2021, and TWE said the purchase would be “funded via a combination of debt and cash, including the proceeds of recent U.S. asset divestments.”

    In March 2021, Treasury sold its Main & Vine, Beringer Founders’ Estate, Coastal Estate and Meridian brands to Livermore-based The Wine Group (TWG).

    “Leslie and I look forward to continuing to be a part of the next chapter of Frank Family Vineyards, a business we have spent nearly three decades cultivating into a beloved luxury wine brand,” Frank said in a prepared statement. “We, along with our team, are excited to remain actively involved with Frank Family, while also taking on new leadership roles with Treasury Americas.”

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