Precept Wine acquires Truett-Hurst’s wholesale unit
Wine company expands wholesale business
Seattle-based Precept Wine announced the acquisition of Sonoma County, Calif.-based Truett-Hurst’s wholesale business unit and its assets.
Truett-Hurst Inc. is a wine sales, marketing and production company. Its portfolio includes national and exclusive brands created for retailers, including Albertsons, The Kroger Co., Trader Joes, Total Wine & More and several others. The acquisition gives Precept a foothold in the California wine market and bolsters its Grape & Grain exclusive label business, the fastest growing portion of its portfolio, accounting for 35 percent of the company’s annual sales. Combined Precept and Truett-Hurst will produce more than 1 million cases annually of exclusive label wine. Truett-Hurst will retain its Dry Creek Estate and direct-to-consumer brands Truett Hurst and VML.
“Phil knows what it takes to source, create and develop private label and national brands,” said Precept Wine Chief Executive Officer (CEO) Andrew Browne in a statement. “His extensive knowledge and proven track record will be invaluable to our future growth and commitment to customer nirvana.”
As part of the acquisition, Phillip L. Hurst, Truett-Hurst president, CEO and director, will join Precept to focus on national and exclusive brands.
“There are a lot of companies creating exclusive labels but none to the degree of Precept,” Hurst said. “Precept is genuinely dedicated to the customer at every step of the process and the company’s unprecedented success demonstrates this. I’m very excited to join this dynamic team and help them continue with their impressive success.”
Alexandra Evans, chief marketing officer of Precept, added: “The Truett-Hurst addition furthers our dedication to giving on- and off-premise accounts a competitive edge with our exclusive label offerings. The company shares our highly customer-centric model and will be instrumental in building our Grape & Grain division to new heights.” BI