Ste. Michelle Wine Estates sold to private equity firm for $1.2B

[Yo_Mama_Been_Loggin]

Ste. Michelle Wine Estates has been sold by its parent company Altria to Sycamore Partners, a private equity firm, in an all cash deal valued at $1.2 billion and set to close the second half of this year.

“I’m very excited by this development,” SMWE President and CEO David Dearie told Puget Sound Business Journal this morning.

Ste. Michelle is the third largest winemaker in the country and the largest in the Pacific Northwest.

"The Ste. Michelle leadership team and I look forward to working with the team at Sycamore Partners and believe we are well-positioned to help drive the next phase of growth. Their commitment to partnering with us is a tremendous vote of confidence in the team and our magnificent estates and brands," Dearie said in a statement.

https://www.bizjournals.com/seattle/news/2021/07/09/ste-michelle-wine-estates-sold.html

Don't know if that's a good or bad thing.

[samnsara]

1. i stick with local wines..moms and pops but Gards is getting bigger!

..they just picked up some vineyards in the Yakima valley

[Aristus]

2. Expect quality to swirl down the spout as shareholders start clamoring for more profit.

More profit, more profit! To hell with anything else...