Vintage Wine Estates Buys Shrem’s Napa Winery Clos PegaseGuy Collins
Aug. 22 (Bloomberg) -- Vintage Wine Estates, based in Santa Rosa, California, said it bought Clos Pegase Winery in the northern Napa Valley, adding to properties it owns in the state including Windsor Vineyards, Girard Winery and Ray’s Station.
The deal for Clos Pegase, founded 30 years ago, comprises 450 acres (182 hectares) of vineyards, some of which are in the northern Calistoga appellation and a lease in Los Carneros, where Napa Valley meets the San Francisco Bay, according to a statement yesterday on PR Newswire.
The deal comes amid rising demand for Californian premium wine since 2011 after three years of decline during the financial crisis. John Kapon, chief executive officer of New York-based auction house Acker Merrall & Condit, described demand for California wines last month as “very healthy.”
“It’s the perfect complement to the Vintage Wine Estates portfolio, offering classic Napa Valley wines from only estate-grown grapes,” Pat Roney of Vintage said in the statement.
Jan Shrem, 83, established Clos Pegase in the early 1980s, first acquiring 50 acres of vineyard in Calistoga and then adding further land at the northern and southern ends of Napa Valley, according to the Clos Pegase website. He built the estate with money made from a Japanese publishing company he created and later sold, and studied winemaking in the early 1980s at the University of Bordeaux.
The estate’s wines include Chardonnay and Sauvignon Blanc whites, reds made from Cabernet Sauvignon, Merlot, Pinot Noir, Cabernet Franc and Syrah, a rose and a late-harvest Chardonnay. Prices according to its website range from $20 for a Sauvignon Blanc to $100 for its 2006 Hommage Cabernet Sauvignon.
Vintage Wine Estates is a privately owned company, whose properties also include Cosentino Winery in Napa, Sonoma Coast Vineyards and Cartlidge & Browne, according to its website.
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