Jeanjean and Laroche Announce Merger
On 22nd September 2009, Jeanjean, Cannon Wines' largest shareholder, and Laroche Wines signed an agreement to merge. The agreement creates an exceptional portfolio for the premium wines sector, with over 3900 acres of top quality vineyards, numerous historic wine estates, and an annual turnover of over $290 million. The announcement was made by Antoine Leccia, Chairman of the Jeanjean Executive Board, and Bernard Jeanjean, Chairman of the Supervisory Board.
It was agreed this week that a merger will complement both families' common goal for high quality and optimal expression of their wine producing terroir, and will enhance the new entity's competitive position in both the French and global wine industry. Jeanjean will be the majority shareholder of the new group. Jeanjean and Laroche wines will continue to be imported and marketed by Cannon Wines Limited of San Francisco in the United States.
"We are extremely excited," says Laurent Fortin, President and Chief Executive Officer of Cannon Wines Limited. "As we have said in the past, Laroche is held in highest regard around the world for their dedication and quality, and as such they will be a most welcome member of the growing Jeanjean family."
The new group, to be named in the coming months, will centralize sales and marketing teams that comprise of over 80 staff members, and bring all wine houses under the same organization to benefit a highly diverse portfolio. The newly expanded portfolio incorporates prestigious vineyards from Ogier and Clos de l'Oratoire in Châteauneuf-du-Pape, Gassier in Provence, Antoine Moueix in Saint-Emilion, Rigal in Cahors, Jeanjean in Languedoc, Cazes in Roussillon, and Laroche in Chablis, Chile, South Africa and the Languedoc region in France.
Antoine Leccia, Chairman of the Executive Board, Bernard Jeanjean, Chairman of the Supervisory Board, and our entire family remain at your disposal to reply to any questions you may have.