CASTIGLIONE FALLETTO, Italy -- Krause Holdings Inc., parent company of convenience-store chain Kum & Go LC, has entered into a long-term partnership with Vietti’s Luca Currado and Mario Cordero to transition ownership of the winery to the Krause family.
The 143-year-old Vietti winery, run by the family’s fifth generation, is based in the small medieval village of Castiglione Falletto, Italy, in the heart of Piedmont’s Langhe wine region.
Kum & Go CEO Kyle Krause, an Italian-American with several family-owned businesses, is passionate about the Piedmont region.
“Vietti has impeccable wine heritage, history, expertise and ownership of parcels in many of the best cru [high-quality] vineyards,” he said.
Krause entered the region with the purchase in June 2015 of Enrico Serafino of Canale d’Alba from Gruppo Campari, Milan, for $6.9 million. Through this partnership, Currado and Cordero will consult with the Krause Family to "reinvigorate and enrich" the Enrico Serafino brand, which is engaged in the viticulture and vinification of still and sparkling wines, including Barolo, Barbaresco and Alta Langa varietals.
Currado, CEO and enologist, along with Cordero, director of marketing and sales, will each maintain their roles with Vietti. “Nothing at Vietti will change, if only for the better,” said Currado.
“I love Barolo [wine], and could not be more thrilled to work with Luca and Mario. Our family has the utmost respect for what they and their families have built over five generations and do not plan to change anything,” said Krause. “We all share a desire and dedication to make wines from the very best vineyards in the region.”
The companies did not disclose the financial details, but Drinks Insight Network cited Italian newspaper La Stampa, which reported that the deal is likely to be worth approximately $55.6 million.
Founded in 1959, West Des Moines, Iowa-based Kum & Go has more than 430 stores in 11 states (Iowa, Arkansas, Colorado, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oklahoma, South Dakota and Wyoming). Krause Holdings operating companies include Kum & Go, Solar Transport, the Des Moines Menace soccer team and a portfolio of real estate. Krause and his wife, Sharon Krause, also own U.S.-based organic farming operations.
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