News Briefs for September 26, 2013September 26, 2013
•Stolichnaya owner SPI Group has announced that it’s on the prowl for global acquisition opportunities in wine. SPI owner Yuri Shefler is personally spearheading the initiative, expected to result in the addition of more wine assets in the next couple of years. In 2006, SPI Group acquired a stake in the Tenuta dell’Ornellaia, Castelgiocondo and Luce della Vite estates, all part of the Marchesi de’Frescobaldi family holdings, then expanded their wine holdings in 2011 by acquiring a majority stake in Achaval Ferrer, located in Mendoza, Argentina.
•Sonoma’s Truett-Hurst Inc. has reported net sales of $17.2 million in its fiscal full year ending June 30, 2013, up from $12.7 million in the previous year. Case sales also increased, from 187,000 cases in fiscal 2012 to 209,000 cases in fiscal 2013. Direct-to-consumer sales jumped 45%, attributed to more wine club memberships and tasting room traffic. However, even as sales for the company rose, Truett-Hurst suffered an operating loss of $400,000 for the year (compared to operating income of $500,000 in the prior-year period). The loss was blamed on increased sales and marketing expenses as well as higher costs associated with its initial public stock offering. The private-label wine producer closed its IPO of 2,700,000 shares of its Class A common stock at $6.00 per share at the end of June. Net proceeds from the IPO were about $14.1 million.
•BevMo will open its newest Washington state store in Issaquah this Friday, September 27. Located at 910 NE Park Drive, the 10,000-square-foot store will offer a selection of thousands of wines, spirits and beers, along with gourmet food items, cocktail mixers, glassware and bar accessories. With the addition of the Issaquah location, BevMo now has 10 Washington stores, and 144 overall.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.