[BND] Your Morning Briefing --

Good Morning, and Happy Friday! It's November 17, 2023.

Duckhorn to Acquire Sonoma-Cutrer Vineyards

Duckhorn Portfolio acquired to acquire Sonoma-Cutrer Vineyards from Brown-Forman Corp. for about $400 million to be paid in a combination of Dockhorn stock and cash. This acquisition will enhance Duckhorn Portfolio as a leading luxury ($15+ per bottle) wine company in the U.S., while rounding out its portfolio by

 Vintage Wine Estates Net Revenue Falls

Vintage Wine Estates reports net revenue fell $4.8 million. The decline wasn't unexpected, since the company has taken several actions to simplify the business. The company posted a loss from operations of $9.9 million, which included $4 million in restructuring costs. The restructuring resulted in a 4% reduction

Private Equity Buys Griffo Distillery

MGD Acquisition, LLC, a private equity firm, acquired Griffo Distillery of Sonoma, Calif. Terms weren't disclosed. MGD, comprised of a group of individual investors, plans to expand Griffo's market presence by helping distribute Griffo's top-tier spirits nationwide. The partnership with MGD promises to preserve Griffo's craft premier legacy while enabling

Total Wine Asks Judge to Reject FTC Bid for Its Business Records

Calling the subpoena from the Federal Trade Commission "overbroad and unnecessary," Total Wine & Spirits asked a federal judge to deny its request for Total Wine's corporate records. The large national retailer seeks the records as part of its antitrust investigation of Southern Glazer's Wine & Spirits. Total Wine's filing said "no

A-B Agrees to End Tiered Medical Care, Restore Benefits for Retirees

Anheuser-Busch has reached a tentative agreement with the Teamsters Union to restore retirement benefits for active and retired members and permanently end an tiered structure to health care for active employees, the union said. The significant gains are key issues for the Teamsters during negotiations for a new contract with

Sean 'Diddy' Combs Accused of Rape, Abuse

Sean "Diddy" Combs, who had founded the Ciroc brand with Diageo, and later sued the liquor giant alleging it hadn't done adequate marketing of another of his brands, DeLeon, has himself been sued. The suit was filed in federal court by Cassie, an R&B singer, who accused Combs of

Old Forester Releases its Rarest Bottle Ever: the 150th Brown-Forman Decanter

Old Forester is releasing the rarest bottle it has ever produced – a decanter to honor the brand's 150th anniversary filled with extraordinarily exquisite 12 ½ -year-old bourbon. Five hundred bottles were originally crafted for members of the Brown family, who own Brown-Forman, and key partners of the company. One hundred and

WSJ: Diageo's Biggest Problem: U.S. Sales Are Flat or Falling

A Wall Street Journal analysis of Diageo's previously scheduled investor day notes the company has explained a sudden downward revision to its previous guidance by pointing to Brazil and Latin America. Diageo expects organic sales in Latin America to fall more than 20% from a year earlier in the fiscal

Brown-Forman Boosts Cash Dividend

Brown-Forman Corporation directors approved an increase of 6% to the quarterly cash dividend from $0.2055 per share to $0.2178 per share on its Class A and Class B Common Stock. As a result, the indicated annual cash dividend will rise from $0.8220 per share to $0.8712

Thanks for reading. I'll be back over the weekend with Kane's Beverage Week, our weekly wrap-up, your weekend reading list, and a recorded interview. Enjoy the weekend! – Joel



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