Wine Spectator: Hedge Fund Purchases Napa’s Spring Mountain Vineyard

Spring Mountain Vineyard, a historic and sprawling estate covering hundreds of acres on its namesake mountain on the western side of Napa Valley, finally has a new owner. The MGG investment group, a hedge fund based in New York City, announced it acquired the distressed property after a bankruptcy proceeding. The purchase was made at public auction with a credit bid of $43 million. This is MGG’s first acquisition in the wine industry.

The estate was first planted in the late 1800s. The winery’s Chardonnay was included in the famed 1974 “Judgement of Paris” tasting, though the property went on to earn a reputation for its distinctive and long-lived Cabernet-based wines in the 1970s and ’80s. Some of those vintages are still showing well today. More recent vintages have also earned outstanding and classic ratings. The winery has produced roughly 5,000 cases per year in recent years, but there is potential for more.

“I know there is a bright future here,” Peter Ekman, Spring Mountain Vineyard’s new CEO, told Wine Spectator. Ekman has over 25 years of experience in the wine industry, with a résumé that includes senior executive positions at companies including Wine.com and Moët Hennessy. Ekman says the plan to revitalize the estate includes replanting all 225 acres of the current vineyards in the next three years, as well as adding an additional 70 acres of new vines, pending Napa County approval. Wine Spectator has the full story.

Tagged : MGG, Spring Mountain Vineyard, Wine Spectator

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