Treasury Wines has announced the acquisition of Frank Family Vineyards for A$432 million and is funded with debt. The US luxury chardonnay brand is a good fit for Treasury Wines and earnings could easily triple on a four-year horizon.  Treasury Americas targets 25% EBITS margins, up from last year’s 16%. Acquiring Franks Family Vineyards adds 170bp alone. While a good deal, it is small. Perhaps more luxury wine brand acquisitions are ahead.