Pernod Ricard's acquisition of Vin & Sprit in 2008 was the last major deal for the industry. Then the recession hit and everyone hunkered down. After enduring a dry period that spanned several years, the wine and spirits biz is now seeing quite a bit of M&A activity on the supplier side. Remy Cointreau is selling is Champagne business, Brown-Forman is considering selling Fetzer winery and other Hopland, CA based brands, Fortune Brands will soon become a spirits-only company and Constellation has sold its UK and Australian wine businesses. Meanwhile, the king - yes, Diageo - has money to spend on a potential acquisition.