Why Ste Michelle was sold and what it means for Washington wine
This article appeared in Beverage Industry Enthusiast on Monday July 12, 2021.On Friday, Ste. Michelle Wine Estates (SMWE), the largest winery in the Pacific Northwest and third-largest premium winery in the country, was sold to Sycamore Partners, a New York-based private equity firm. Sycamore, which specializes in retail and consumer investments, will purchase the company in the second half of this year from the current owner, tobacco giant Altria, for a cool $1.3 billion in cash. “The scale of this investment is significant,” says Ryan Pennington, senior director of communications and corporate affairs at SMWE. “And we see that not only as a significant vote of confidence for our team, and our estates and brands, but really for the entire Washington wine industry.”Read the rest of the article here. Image courtesy of Ste Michelle Wine Estates.
This article appeared in Beverage Industry Enthusiast on Monday July 12, 2021.