Sycamore Partners, a New York-based $10 billion private-equity giant, has been known for turning high-profile bets on clothing chains and shoe stores into a fortune.
It also marks the private-equity industry’s largest deal yet for a U.S. winery. Sycamore made the purchase from tobacco giant Altria Group Inc., MO, -1.39% which took ownership in 2009. Beak said interest from professional money in the U.S. wine industry hit a new stride after the Duckhorn Portfolio’s NAPA, -0.10% initial public offering in March, a rarity for California’s famed Napa Valley, and other recent Wall Street financings that helped companies like Vintage Wine Estates VWE, +4.46% grow their portfolios.
“Washington can produce some really, really high-quality fruits. But it’s able to do that at a much lower cost,” Beak said, mainly because land in Napa and Sonoma counties can fetch at lot more per acre.
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Is it because the average American is willing to regularly shell out $90 for a bottle? Because I can certainly understand why that would be a good investment.
Is he responsible for the $90 bottles you seem to think average people buy?
horrible