Frescobaldi Acquires Control of 'Luce della Vite'
Staff Writer - March 3, 2005
The wine company Marchesi de' Frescobaldi has acquired control of Luce della Vite, a Tuscan company with its offices in Montalcino, by buying part of the stock owned by California-based Robert Mondavi Corporation. Frescobaldi has bought 50 percent of Robert Mondavi's share and is quickly preparing a 'call option' for a further 15 percent.
"We are happy to be able to announce the success of this operation," declared Vittorio Frescobaldi.
After last year's acquisition of Mondavi by giant Constellation, Frescobaldi announced the intention to gain control over the Tuscan enterprise co-owned with Robert Mondavi Corporation. Luce and Lucente, the wines produced by the estate, are excellent brands with international recognition.
"We believe in the potential of these vines and land. We believe that the potential of these wines has not yet been fully expressed. Over the coming years we will continue to invest in wines and cellars to pursue our ideal of absolute quality," said Vittorio Frescobaldi.
The new asset will not change the operational management of the company.
In 2003, Marchesi de' Frescobaldi had an income of €65.5 million and its wines are imported in over 70 countries. The Italian market counts for over one third of the total income.