Wine.com Hits Back At Sale RumorsJuly 3, 2013
Rumors were swirling yesterday that New York-based private equity firm Baker Capital had put its Wine.com retail site up for sale. According to news reports, the site, which was said to have exhausted more than $75 million in funding, had failed to attract any buyers thus far. Late last night, however, Wine.com CEO Rich Bergsund publicly refuted claims that investors were eager to unload the site, stating that Wine.com had staged a turnaround in 2009 and 2010.
Bergsund says Wine.com’s revenues rose from $40 million for the fiscal year ending March 2009 to $74 million in its most recent fiscal year, while bottles sold and shipped has nearly doubled to 2.7 million over the last four years. He added that “double-digit growth continues today,” with the company “more bullish than ever” about its innovation pipeline.
Wine.com—which claims to be the number-one online wine retailer in the U.S.—was founded in 1998 as eVineyard.com, and later relaunched under the Wine.com name in 2001. Currently headquartered in San Francisco, the company offers a retail platform for wine, gift baskets and monthly wine clubs, and also operates flash sale site WineShopper.com. Majority owner Baker Capital, meanwhile, claims to have more than $1.5 billion in committed capital.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.