News Briefs for October 16, 2023
October 16, 2023•The owners of Napa Valley’s Vine Cliff Winery recently sold its winery in Oakville to the SCW Fund Corp., a business entity run by Canadian entrepreneur Stephan Crétier, who also owns the nearby Roy Estate. The sale price was not disclosed. The deal includes the winery, 23 acres of vineyards, and all other business-related assets, including unplanted acreage and a house on the property. Wine Spectator has the full story.
•Republic National Distributing Company’s Gibsonton, Florida warehouse was robbed of more than $1.6 million of inventory, according to a report from CNN. The burglary took place on July 8 when thieves stole 4,277 cases from the warehouse. The thieves are still at large with CNN noting that they removed surveillance devices put in place by RNDC. The authorities have identified the tractor trailers used in the crime and the investigation is ongoing. Florida is RNDC’s third-largest market nationally, with projected 2023 revenues of $1.3 billion, according to Shanken’s Impact Newsletter.
•California’s Vintage Wine Estates posted sales down 3% to $283 million for its fiscal year through June, with adjusted EBITDA showing a loss of $11 million, after the company took a charge of $162 million in goodwill and intangible assets impairment as it restructures its business. Vintage Wine says it has now refocused resources on key brands including Ace Cider, Bar Dog, B.R. Cohn, Cameron Hughes, Cherry Pie, Firesteed, and Kunde, while reducing SKUs by over 50% to less than 2,000, amid a number of other cost-cutting and restructuring measures. For its current fiscal year, the company is targeting revenue of $260 to $270 million. Former Moët Hennessy North America CEO Seth Kaufman is slated to become Vintage Wine’s chief executive on October 30.
•Macallan Harmony Collection, new Compass Box, Yellowstone Toasted, and newcomers from Nelson Brothers and Old Elk are among the offerings featured in Whisky Advocate’s latest weekly roundup. The website has all the details.
•Martingale Cognac, a new brand from former Pernod Ricard executive Guillaume Thomas and his cousin Amaury Thomas, is officially rolling out in the U.S. Guillaume Thomas serves as CEO of the brand while Amaury is master blender. Andrew Weir, also formerly of Pernod, is Martingale’s chief commercial and marketing officer. The Thomas family estate includes vineyards spanning more than 600 acres across the top four crus of the Cognac denominated area. This is the first time they’ve launched their own branded Cognac. The luxury bottling (40% abv) is debuting in select U.S. markets at fine spirits retailers and upscale on-premise outlets, retailing at $120 a 700-ml.
•Providence, Rhode Island-based Copper & Cask Spirits is launching its Small Batch Series with an eight-year-old Bourbon. Fittingly titled Small Batch Series No. 001, it’s made from 13 barrels that were distilled in Indiana and aged in Florida. The Bourbon was bottled at 61.4% abv and is priced at $80 a 750-ml. Only 2,000 bottles were produced and will be available to purchase online in most states along with limited retail distribution in nine markets. Two additional small batch releases are slated for the rest of the year including an Armagnac-finished whiskey and a rum-barreled Bourbon. Copper & Cask Spirits is owned by Latitude Beverage and launched in 2021.
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