LVMH already ownes Chandon and Newtown Vineyards in Napa Valley. Terms weren’t disclosed.
Joseph Phelps founded the Napa and Sonoma-based wine collection in 1973, buying a 670-acre cattle ranch in Spring Valley east of St. Helena where he planted vineyards and built a redwood winery. Phelps Vineyards now own and farm 425 acres in Napa Valley on nine estate vineyards as well as to vineyards totalling 100 acres in Sonoma County.
Philippe Schaus, Chairman and CEO of Moët Hennessy, said: “Joseph Phelps has been to the Napa Valley what Nicolas Ruinart, Mrs. Clicquot, Joseph Krug and Claude Moët were to the Champagne region, and likewise we will continue to develop this new House in the respect of the founder’s heritage and vision.”
The Phelps Family commented, “Our father founded Joseph Phelps Vineyards in 1973 with a passion for innovation, an unwavering commitment to quality, and joie de vivre. Nearly 50 years later, we’re proud to have grown from a 600-acre cattle ranch and early pioneer of the Napa Valley to a critically acclaimed and internationally known producer of iconic wines. As we plan for the next 50 years, we believe that passing the care of this crown jewel of the Napa Valley and Sonoma Coast to Moët Hennessy will build on our family’s legacy well into the future. During our discussions with Moët Hennessy, it was abundantly clear that they value and embrace all of our brilliant and dedicated team members and, most importantly, are committed to ensuring that our founding mission and values remain at the heart of Joseph Phelps Vineyards.”