Pernod Ricard’s unit in Argentina has agreed to sell Bodega Etchart to domestic food-and-beverage manufacturer Molinos Río de la Plata, 30 years after buying the wine business.
The deal, financial terms of which were not disclosed, was announced by Molinos to local media this week – Pernod Ricard has not released its own statement. Buenos Aires-based Molinos said the acquisition forms part of its “long-term growth strategy” to build “a winery platform with differentiated offerings and relevant brands” in Argentina and internationally.
Bodega Etchart was founded in 1850 and is based in Cafayate, in the country’s northern province of Salta. The winery, which was purchased by Pernod Ricard in 1996, produces the Etchart and Cafayate brands.
“The addition of Bodega Etchart represents a new step in the development of our Fincas & Bodegas platform,” said Molinos CEO Agustín Llanos. “We deeply believe in the potential of Argentine wine and in building brands with identity, quality and international reach.
“We are thrilled to welcome Bodega Etchart to Molinos.”
The divestment is the latest in Pernod Ricard’s efforts to move away from still wine and focus on spirits and champagne. Last year, the group sold virtually all of its wine operations to the owner of Accolade Wines, leading to the creation of a global wine company, Vinarchy.
Since then, the company has sold the Californian assets of its Mumm brand to Trinchero Family Wine & Spirits. In April, the brand owner completed a full departure from California’s wine industry through the sale of Kenwood Vineyards.
