French luxury conglomerate Moet Hennessy Louis Vuitton (LVMH) has acquired Joseph Phelps Vineyards, one of Napa Valley’s leading wineries. This is the fourth Napa winery for LVMH, which also owns Domaine Chandon, Newton Vineyard and a majority stake in Colgin Cellars. Terms of the deal were not disclosed.
Joseph Phelps is best known for his Insignia wine, first produced in 1974 and widely credited with legitimizing California’s Bordeaux-style red blend category. The company has grown considerably over its nearly 50 years, now owning 425 acres of planted vines in Napa Valley and 100 in Sonoma County, where it operates a second winery in the unincorporated community of Freestone.