Australian winemaker just paid $1 billion for a California winery owned by two brothers who started making wine in their garage

Owners of DAOU Vineyards Daniel and Georges Daou (Credit: Courtesy of DAOU Vineyards.)

One of the world’s largest winemakers, Australia’s Treasury Wine Estates (TWE), has acquired a California vineyard for $1 billion that it hopes to make the linchpin in its efforts to enter the U.S. premium market. 

Daou Vineyards is owned by two Lebanese American brothers who started with just a one-acre vineyard, making wine in their garage. It has grown from a scrappy upstart to what Ben Dollard, president of Treasury Americas, said would have a “cornerstone role within our portfolio.”