US wine business The Duckhorn Portfolio has appointed two drinks industry veterans Tom Flocco and David Klein to its board of directors with immediate effect.
The news follow Butterfly Equity's $1.95bn acquisition of the Decoy and Calera wine brands owner which completed in December.
Flocco, presently CEO at Butterfly-owned egg producer Pete & Gerry's, also spent his early career from 2003 to 2008 as president and CEO of Beam Suntory, which was renamed to Suntory Global Spirits last year.
Klein meanwhile held multiple executive roles at US drinks heavyweight Constellation Brands, including group CFO from 2015 to 2020.
In a statement, Duckhorn said he "was instrumental" in acquiring and integrating the US business of Grupo Modelo.
Most recently, Klein worked as CEO of cannabis business Canopy Growth Corporation, which Constellation initially invested in in 2017. In 2022, the Pacifico brewer announced plans to start converting its common stock holding in Canopy into exchangeable shares.
US private equity firm Butterfly has investments in several food and drink businesses, including Pete & Gerry's, and protein bars and shakes maker Orgain. Duckhorn marks its first deal in wine.
“We are thrilled to welcome David and Tom to our Board,” said Duckhorn CEO Robert Hanson.
“I have had the pleasure of knowing and working with David for many years and look forward to partnering further with Tom. I have long admired their impressive business acumen, M&A experience, and ability to drive transformative growth. As we enter this exciting new chapter, David and Tom’s guidance will be invaluable as we execute on our vision for long-term growth and leadership in the luxury wine category.”
Similarly to Klein, Hanson's prior experience includes several years at Constellation, where he led the company's wine and spirits division from 2019 to early last year.
“I am honored to join Duckhorn’s Board at this inflection point for the Company,” Klein said on his appointment.
“Duckhorn has built a long-lasting legacy in Napa, and, with Butterfly’s unique partnership model, the company is positioned to reach unparalleled heights in the luxury wine space. I look forward to working alongside Robert, Tom and the leadership team to further strengthen Duckhorn’s market position and drive long-term, sustainable value creation.”
