Constellation Brands acquires popular Florida brewery Funky Buddha, and New Belgium buys San Francisco’s bankrupt Magnolia Brewing. The Terlato Wine Group claims that California wine is in high demand in European and U.S. markets, and billionaire and vice president of a pharmaceutical company, André Hoffmann, purchased Côte de Nuits. This is the news we’re thinking about here at SevenFifty Daily.

August 11, 2017
1. Business Insider

Constellation Brands acquires Funky Buddha

On Thursday, Constellation Brands announced its acquisition of popular Florida craft brewery Funky Buddha. The move was not well-received by some consumers. In response, head brewer and president of Funky Buddha, Ryan Sentz, released a statement that Constellation and Funky Buddha share the same ideas and passion for making beer.

2. SF Gate

New Belgium buys San Francisco's Magnolia Brewing

Colorado-based New Belgium Brewing Company will purchase the assets of San Francisco’s Magnolia Brewing for $2.7 million. Magnolia’s brewpubs will remain open for business, but whether production will increase is uncertain at this time.

3. The Drinks Business

Californian wine is embraced by European markets

Following the rising prices of French wines, European markets started looking towards California wines. Chuck Cramer, director of European sales and marketing at Terlato Wines, California, says the region’s wines are gaining awareness in the UK. Domestically, the value of California wine shipments to the US market rose to 4.6%, or $34.1 billion, compared to 2016.

4. The Drinks Business

Swiss billionaire buys Jayer-Gilles estate

André Hoffmann, vice-president of the pharmaceutical business Hoffmann-La-Roche, bought the Côte de Nuits estate for an undisclosed sum. The domaine, which has some 12 hectares of vineyards in Nuits-Saint-Georges and Echézeaux, is known for its use of new oak and a very rich style of wine.