Crushpad Assets Acquired By Private Equity Firm CastleGate

Structured Solutions Inc. and Aspect2, LLC—both subsidiaries of investment firm CastleGate Capital Advisors—have purchased the assets of Sonoma, California-based Crushpad. The deal, which took place at auction on Tuesday, totaled $654,866, according to Wine Spectator. In a letter to the contract winery’s clients, former Crushpad vice president Steve Ryan said that CastleGate would “work to resolve a very complicated situation involving multiple legal entities, several creditors holding lien rights, and numerous…customers.” Ryan added that the new owners plan to rebuild the company, and that he and several other Crushpad employees will remain on board. Meanwhile, clients have been offered the opportunity to finish and bottle their wines under a modified pricing model. Additionally, CastleGate has partnered with another local custom crush facility to secure fruit and services for those who’ve paid for the upcoming 2012 vintage. Earlier this week, CastleGate principal Philip Von Burg told Wine Spectator that Crushpad’s total debt was estimated to be “in the couple of millions at least.”

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