Constellation Brands to sell Svedka vodka to Sazerac as wine and spirits segment struggles [CNBC]
Constellation Brands, Inc. (STZ)
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Source: CNBC
Sazerac is a privately-owned, New Orleans-based alcoholic beverage company that owns brands like Buffalo Trace bourbon, Fireball Cinnamon Whisky, Southern Comfort. Constellation Brands announced Tuesday it will sell its Svedka vodka brand to New Orleans-based spirits company Sazerac. The transaction is expected to close in the coming months, Constellation said in a press release. It did not disclose the value of the deal. “The actions we have taken over the past several years to reshape our wine and spirits portfolio support our efforts to accelerate the performance of that business,” said Constellation CEO Bill Newlands in the release. “This transaction is another step forward in seeking to ensure that our wine and spirits portfolio is optimized to succeed and to meet our growth objectives.” Constellation's wine and spirits business has been dragging on the company's strong beer portfolio, which includes Modelo and Corona. “We continue to face incremental category headwind
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