Mondavi wines owner Constellation Brands has bought Meiomi, a California Pinot Noir that didn't exist at the turn of the 21st Century, for a reported $315m.
Constellation said today (4 August) that it has completed its purchase of Meiomi, including brand rights and wine stocks. The US wine giant reportedly paid $315m.
Meiomi (may-oh-mee) was only founded in 2006, but has risen to prominence partly thanks to a surge in popularity for Pinot Noir in the US – as well as the know-how of fifth generation winemaker and founder Joe Wagner.
It is one of the fastest growing Pinot Noir brands in the US and sales have risen by 50% in the past year, according to retail sales analysis group IRI, said Constellation. A single bottle costs around $22 on average.
Constellation said Wagner will stay on as a consultant winemaker for the next two vintages.
‘I look forward to working with the Constellation team to continue to deliver the top-quality wines that Meiomi is known for,’ said Wagner.
Grapes for Meiomi are drawn from vineyards in Sonoma County, Monterey and Santa Barbara along California’s coastline.