Vintage Wine Estates announced it has acquired Laetitia Vineyard and Winery for an undisclosed amount.
Located in the Arroyo Grande AVA (American viticultural area) overlooking the Pacific Ocean, Laetitia is a notable foundation property in the region. With more than 680 acres of vineyards, the estate is known for its Pinot Noir, which consistently scores in the mid-to-high 90s, as well as its Chardonnay, and Méthode Champenoise sparkling wines.
Last year, food and agribusiness-focused investment firm AGR Partners made a capital investment, committing $65 million in growth equity to Vintage Wine Estates in exchange for a minority stake in the company.
The investment in Vintage Wine Estates, which totaled $75 million and included existing investors in the company, was earmarked to be used to fund future winery and brand acquisitions and to boost production efficiencies related to an expanding portfolio of businesses and brands.
Founded in 2008 when Napa Valley Girard Winery owner Pat Roney acquired Sonoma’s Windsor Vineyards, Vintage Wine Estates has grown to own wineries in Napa, Sonoma, Mendocino, Paso Robles, Washington State, and Oregon. It offers 35 brands, including Clos Pegase Winery, Girard Winery, B.R. Cohn Winery, Swanson Vineyards, Cosentino Winery, Game of Thrones wines, Windsor Vineyards, Cameron Hughes, Firesteed, Sonoma Coast Vineyards, Clayhouse, Tamarack Cellars, Layer Cake, Cherry Pie, Alloy Wine Works, Splinter Group Spirits, Middle Sister, Bar Dog, Girl & Dragon, and Purple Cowboy.
AGR Partners has had a dynamic few years. In May 2016 the firm announced the move of its headquarters to Davis, California, in order to gain an advantage of proximity to the food and ag hub surrounding the University of California Davis.
Although headquartered in California, AGR’s team has a worldwide presence, living and working in agribusiness and adding value through its expertise, network of relationships, and industry experience. Managing more than $400 million in investments, AGR provides capital via non-controlling equity and subordinated debt to leading agribusinesses and food companies in pursuit of long-term growth.
VWE is one investment of 10, along with Icicle Seafoods, one of the largest and most diversified companies of its kind in North America; Almark Foods, a leading provider of hard-boiled and peeled eggs; Tru-Test Group, a global dairy and livestock equipment manufacturer; 3D Corporate Solutions, a leading pet food ingredient provider; SEMO Milling, a producer of human grade corn milling products; Opal Foods, a producer of generic and specialty eggs; Ridley Corporation, Australia’s leading producer of animal feed for the dairy, poultry, swine, sheep, beef, and aquaculture industries; Treehouse California Almonds, a leading California-based almond processor; and Titan Farms, a South Carolina-based vertically integrated peach producer and processor.
The purchase of Laetitia Wine Estate includes a production facility, inventory, vineyards, a tasting room, and an estate guest house, as well as yearly production totaling 35,000 cases.
“We are strongly committed to the Central Coast winegrowing region, and Laetitia will be the home and hub of our Central Coast production and operations moving forward,” said Pat Roney, CEO, Vintage Wine Estates.
Moving forward, Head Winemaker Eric Hickey, who began his career with Laetitia at the age of 16, will remain as a member of the VWE winemaking team, ensuring continuity and the highest wine quality.
-Lynda Kiernan