Precept Wines Acquires Canoe Ridge And Sagelands Wineries From Diageo
Seattle-based Precept Wines announced this morning that it has acquired Canoe Ridge and Sagelands from Diageo Chateau & Estate Wines, the London-based alcoholic beverage company.
“The addition of Canoe Ridge and Sagelands to our portfolio of wines greatly strengthens our commitment to quality winemaking in Washington state,” Precept Wines’ CEO and Founder Andrew Browne said in a press release. “We are dedicated to investing in both brands for the foreseeable future.”
The acquisition also includes the Canoe Ridge estate vineyard located in the Horse Heaven Hills AVA (153 planted vinifera acres).
“We view the Horse Heaven Hills as a premier grape growing region in the state,” said Browne. “We are excited to take a more active role in the development and marketing of this premier vineyard.”
Both Canoe Ridge and Sagelands have a long history in Washington state. Founded in 1994, Canoe Ridge was originally created as a joint partnership between a group of local Walla Walla investors and Chalone Wine Group of Napa, CA. Sagelands was established in 1984 and acquired by Chalone Wine Group in 1999. Both were sold to Diageo Chateau & Estate Wines in 2004.
Founded in 2003 by Andrew Browne, Precept Wines is the 2nd largest and fastest growing wine company in the Northwest (and largest privately owned).
Over the course of eight years Precept Wines has evolved into an integrated wine company that owns more than 3,700 vineyard acres, employs a team of winemakers and operational staff at seven production facilities and operates seven tasting rooms.
For more on the acquisition, check out the Q&A with Andrew Browne on Paul Gregutt's blog today.