Castle Brands Inc. has acquired the assets of winemaker Betts & Scholl LLC. Castle says it issued to the sellers a total of 7.14 million shares of Castle Brands common stock and approximately $1.1 million of cash and notes. Betts & Scholl co-founder Dennis Scholl has joined the Castle Brands board of directors, where he will serve as an independent director, and Richard Betts has become vice president and head of Castle's new Fine Wine Division.
John Glover, chief operating officer of Castle Brands, said, “We are very excited that Richard and Dennis will be joining Castle Brands and that we will be distributing Betts & Scholl’s premier products going forward. Together, Richard and Dennis have forged relationships with growers and winemakers around the world to produce complex, balanced wines true to their terroir. Their collaboration has shown a flair for memorable winemaking, innovation, and creative marketing approaches such as art-as-packaging. Richard is a well-known master sommelier and celebrity in wine and food circles, and the addition of Richard and Dennis gives instant credibility to Castle Brands’ efforts in the wine industry.”