Market Watch, April 2016

mwNEWS WATCHOn Premise NewsDarden RestaurantsRevises Corporate StructureIn March Darden Restaurants owner of the Olive Garden chain and other concepts abolished its Specialty Restaurant Group which oversaw the Yard House and Capital Grille concepts among others As reported by Nations Restaurant News the concepts will now be managed directly by Darden president and CEO Gene Lee and Olive Garden president Dave George In addition the company promoted chief strategy officer Ricardo Cardenas to CFO replacing Jeffrey Davis Darden owns and operates more than 1500 restaurants worldwide Coopers Hawk Expands In ChicagoCoopers Hawk a decade old restaurant chain that makes its own wine has a new agreement to open its 28th location in the Chicago suburb of St Charles by the summer of 2017 The company also has deals pending for locations in Naples Florida and Reston Virginia Other recent expansion has come in Missouri Wisconsin Ohio and Indiana Off Premise NewsApollo Global ManagementAcquires Fresh MarketPrivate equity firm Apollo Global Management will acquire The Fresh Market retail chain for 136 billion a 24 percent premium over the companys closing price before the announcement Kroger had been in the running to buy The Fresh Market along with KKR and TPG Capital North Carolina based The Fresh Market has 186 stores across 27 states mainly in the Southeast Distributor NewsGlazers ClosesStoller Wholesale In IllinoisWith Glazers set to finalize its merger with Southern Wine Spirits the Dallas based distributor has decided to close its Stoller Wholesale operation in Illinois effective June 1st Glazers and Southern announced their plan to form Southern Glazers Wine and Spirits in January and expect to close the deal in the second quarter of this year While the two distributors dont have much overlap across the country both currently operate in Illinois where Southern is one of the leading spirits and wine wholesalers After leaving the Illinois market in 2008 Glazers re entered in 2013 when it obtained control of Elk Grove based Stoller Supplier News SpiritsCasa Cuervo May BeWeighing An IPOCasa Cuervo the worlds biggest Tequila marketer may be considering an IPO Bloomberg reports that Cuervos owners the Beckmann family have approached banks about the idea of going public with a share sale expected to total at least 750 million The IPO would likely be launched by early 2017 The Mexico City based company sells over 10 million cases annually according to Impact Databank with a portfolio led by Jose Cuervo Casa Cuervo also owns Three Olives vodka and Bushmills Irish whiskey After years of lackluster results Jose Cuervo has come back strong recently and is achieving solid growth in the United States its biggest market Casa Cuervo subsidiary Proximo Spirits markets the portfolio in the United States William Grant SonsRevamps Drambuie PackagingWilliam Grant Sons is revamping the packaging of its Drambuie liqueur Changes include a new bottle and label design emphasizing the brands history which dates back to Bonnie Prince Charlies effort to win the British throne in 1745 Details like Bonnie Prince Charlie debossing on the bottles shoulder and a Jacobite rose pattern on the label and cap are callouts to the heritage of the brand Drambuies new look will roll out in June INTRODUCINGINTRODUCINGROSÉROSÉChamps dePROVENCEChamps dePROVENCE Refreshinglydrinkable lifestyle 2015 VINTAGE NOW AVAILABLE2015 AVAILABLEPRESTIGE WINE SPIRITS GROUP 6516495823PRESTIGE 6516495823 2016 Imported by Prestige Wine Spirits Group Princeton MN 151231hiMW0416_