Brown-Forman completes sale of Sonoma-Cutrer Vineyards to Duckhorn Portfolio

Brown-Forman (BFA, BFB) announced that it completed the sale of Sonoma-Cutrer Vineyards and related brand trademarks to The Duckhorn Portfolio (NAPA) on April 30. In November 2023, Brown-Forman disclosed it had reached an agreement to sell the brand in exchange for an ownership percentage of approximately 21.5% in The Duckhorn Portfolio and $50M. As part of the agreement, The Duckhorn Portfolio has named two Brown-Forman executives to its Board of Directors, Marshall Farrer, Chief Strategic Growth Officer, and Tim Nall, Chief Global Supply Chain and Technology Officer. Under the terms of the agreement, the Sonoma-Cutrer brand trademarks, facilities, and six vineyards in two appellations will join The Duckhorn Portfolio’s luxury wine brands.