Henkell Freixenet has acquired full control of Vinicom, its distributor in Portugal.

The wine-and-spirits group set up Vinicom alongside businessman Francisco de Sousa Coutinho in 2004, holding 49.5% of the business.

In a statement, Henkell Freixenet said Portugal was “one of the fastest growing sparkling wine markets in Europe”.

The financial terms of the deal were not disclosed.

Henkell Freixenet CEO Andreas Brokemper said: “We see a great momentum and future opportunities for our brands and partners, such as Freixenet and Mionetto, together with the outstanding portfolio of Portuguese wine brands to further develop this dynamic market.”

As well as Henkell Freixenet’s range, Vinicom distributes Portuguese brands including Lavradores de Feitoria, Quinta do Vale Meão and Quinta de Sto António.

Henkell Freixenet saw revenues rise more than 4% in 2023, a result boosted by price increases as volumes, in common with many in the trade, came under pressure.

Revenues from the group’s still-wine arm fell but the prosecco, Cava and crémant supplier reported that sales from sparkling wine – which make up more than half of Henkell Freixenet’s business – climbed 6%.

The group’s revenue hit €1.23bn ($1.36bn), pointing to the “dynamic growth” of Freixenet and Mionetto sparkling wines.

Still-wine sales fell 8%. Sales from Henkell Freixenet’s spirits portfolio – which includes cream liqueur Mangaroca Batida and Gorbatschow vodka – rose 11%.

In May, the group announced plans to cut staff hours in Spain, where its Cava business has been hit by drought conditions.

Henkell Freixenet cited an “immense lack of grapes” and wine stock for the production of its Cava brands for the cuts.

The regional government in Catalonia declared a state of emergency in February as the area experienced drought conditions for a fourth consecutive year. Measures such as reduced water consumption for households and agricultural operations were been put in place.