Winebusiness.com - Homepage for the Wine Industry

New Mexico's Gruet Winery has purchased Texas's Cap*rock Wine Company for $6.5m


Date: 07/12/10

As the fourth owners of the 21-year old winery siblings Laurent & Nathalie Gruet plan to use the facility to augment its renowned New Mexico sparkling wine production with that of Texas sparkling wines. The auction took less than two minutes.

Having estimated its worth at 2.5m Cap*rock's managing partner Don Roark had filed Chapter 11 bankruptcy on December 23 2009 with debts, including unpaid county property taxes and a $4 million loan from former owner PlainsCapital Bank, estimated at more than $5 million.

Gruet currently owns 150 acres of vineyards near southeastern New Mexico's Elephant Butte along with its winery, offices, and tasting room located along I-25 in Albuquerque. Its current annual production of 120,000 cases is distributed in 49 US states, Denmark, Japan, and the UK. Since its inception in 1987 the Champagne-originated family-owned winery has won numerous accolades for its sparkling wines and by most accounts is primarily responsible for having placed New Mexico on the map for quality wine production.

Auctioneer Williams & Williams told WBM that final sale was subject to bids having passed an undisclosed base price and won't be finalized for at least another week.

--David Furer

Subscribe to Daily news Email

FREE Wine Business Daily News delivers the industry's top stories emailed to you from our editorial team.

most popular daily news links

latest used barrels

- used barrels  •  yesterday at 3:47PM PDT
- used barrels  •  yesterday at 1:16PM PDT
- used barrels  •  yesterday at 8:07AM PDT
- used barrels  •  Jul 29, 2014 at 12:07PM PDT
- used barrels  •  Jul 29, 2014 at 12:07PM PDT

latest real estate

- real estate  •  Jul 29, 2014 at 8:21AM PDT
- real estate  •  Jul 28, 2014 at 8:48AM PDT
- real estate  •  Jul 24, 2014 at 12:14PM PDT
- real estate  •  Jul 24, 2014 at 11:58AM PDT
- real estate  •  Jul 24, 2014 at 11:40AM PDT

industry events

Aug 1
CA
Search Events:

Copyright© 1994-2014 by Wine Communications Group. All Rights Reserved. Copyright protection extends to all written material, graphics, backgrounds and layouts. None of this material may be reproduced for any reason without written permission of the Publisher. Wine Business Insider, Wine Business Monthly, Grower & Cellar News and Wine Market News are all trademarks of Wine Communications Group and will be protected to the fullest extent of the law.