Nascent Wine Co. (Henderson, Nev.) announced today that it has signed an agreement with Piancone Group International Inc. to acquire substantially all of its assets and infrastructure.
Piancone Group International Inc. (PGI) is the family business of Nascent's recently appointed president, Sandro Piancone, and is one of the largest food service distributors in Baja California, Mexico. PGI distributes Italian and U.S. food products such as the CORA brand with more than 1,400 Italian food products for the retail and food service industry. Other brands it distributes are Welch's, General Mills, Nestle Candy, Haagen-Dazs Ice Cream, Hershey's, M&M's, Rock Star Energy Drink, MOTT'S, and Bakemark Bakery Supplies. Its customers consist of hotels, restaurants, grocery stores, bakeries, pizza shops and convenience stores, such as: AM/PM, Papa John's, Pizza Hut, Giuseppe's, TGI Friday's, Applebee's, Smart and Final and Calimax, one of Baja California's largest supermarket chains.
"This acquisition will allow us to achieve a major foothold in the $46 billion dollar food service industry. PGI's infrastructure is perfectly suited to roll out our new Miller Beer distribution contract," says Sandro Piancone, president of Nascent Wine Co. "We will continue striving to acquire strong companies such as PGI that will help us to become one of the leading food distributors in Mexico."
Victor Petrone, president of PGI, said, "With our 40 years of food service experience and exclusive product lines and customers and being a public entity, we are poised to be a market leader in broad line food service distribution."
The agreement is contingent upon certain conditions including board approval of both companies and completion of PGI's audited financial statements.
Source: Nascent Wine Co. Inc.