Napa Valley’s Clos Pegase and Girard, and Sonoma County’s B.R. Cohn and Kunde Bought Due to Bankruptcy
Local Wally
ARTICLE FROM THE SF CHRONICLE:
The assets were largely split between two major buyers, both billionaires: serial winery buyer Bill Foley and A. Jayson Adair, the CEO of online car auction company Copart, court filings show.
The bankruptcy court still needs to grant final approval to the successful bids. A Primary Sale Hearing is scheduled for Sept. 27.
With final approval, Bill Foley’s Foley Family Wines will acquire five wineries and brands from Vintage — Calistoga’s Swanson Vineyards, Bodega Bay’s Sonoma Coast Vineyards, Napa’s Cosentino and the Cherry Pie and Bar Dog brands — for $15 million, according to court filings. (While the Swanson and Sonoma Coast deals include tasting rooms, Cosentino’s tasting room was sold separately to vintner Brion Wise.) Foley’s offer was a stalking horse bid, which sets the threshold for bidding in a bankruptcy case. It appears that no higher bids were submitted, as these assets were not included in Tuesday’s auction.
Adair’s company Adair Winery Inc. has agreed to purchase Calistoga’s Clos Pegase and Girard, Kenwood’s B.R. Cohn and Kunde and Sonoma’s Viansa for $85 million, court filings show.