Vintage Wine Estates Takes On New Investor, Quashes Treasury Acquisition RumorsApril 12, 2018
Vintage Wine Estates has announced that investment firm AGR Partners has taken a minority equity interest in the company. Vintage says the new investment, which totals $75 million from AGR and existing shareholders, will “help support future winery and brand acquisitions and expansion-related production efficiencies.” The company has been on an acquisition spree over the past several years, adding Washington’s Tamarack Cellars, Oregon’s Firesteed Vineyards, and California’s Layer Cake, Cherry Pie, If You See Kay, Cameron Hughes, B.R. Cohn, Swanson Vineyards, and Delectus to its portfolio.
Meanwhile, responding to yesterday’s SND story regarding potential acquisition targets for Treasury Wine Estates, Vintage Wine Estates says it will continue to be a buyer, not a seller, looking ahead. In a statement, the company said it “is neither seeking nor engaging in any sale conversations.” On the contrary, the statement noted, “We’re actively looking for additional acquisitions as we continue to drive our rapid growth plans.” Vintage has grown markedly in recent years, and now produces nearly 2 million cases annually.
Ste. Michelle Wine Estates, which analysts have also mentioned as a potential acquisition target for Treasury, said that it “does not comment on speculation about our business.” —Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.