Ste. Michelle Wine Estates Sale Pt 1
With today’s Fruit Grower Report, I’m Bob Larson. Big news from Washington’s wine industry with the sale of Ste. Michelle Wine Estates for $1.2-billion dollars. The parent company, the Altria Group, announced the sale Friday to Sycamore Partners Management, a New York private equity firm.
Washington Wine Commission president, Steve Warner says this is a big deal …
WARNER … “The word on the street is that this is huge. I mean, this is an exciting new chapter for Ste. Michelle Wine Estates and, you know, I know that they’re excited about it and we’re looking forward to seeing them continue to grow and thrive.”
Ste. Michelle, Warner says has been a cornerstone for our wine industry …
WARNER … “You know, they’ve been so important to us in the state for so long. I mean, they’ve been an anchor of the Washington Wine industry for over 50 years now and it’s good to see the investment in Washington. I think it’s another signal, of what you and I’ve talked about in the past, of the continued long-term growth of Washington State Wine.”
Warner says this is an “upward and onward” type of transaction …
WARNER … “Absolutely. I mean, the word I’m hearing is that this is going to further their commitment to growing premium grapes and making world-class wine. And it’s the same grapes and the same wine that helps raise awareness and demand in Washington wine not only in all 50 states, but we have Washington wines in over 100 countries now. So, I think it’s an overall positive for the
industry.”
Tune in tomorrow for more on the sale of Ste. Michelle Wine Estates.
