US: Bill Foley to take stake in California wholesaler - report
Wine entrepreneur Bill Foley is set buy a stake in California-based distributor Epic Wines, according to reports.
Foley has agreed a deal to take a minority interest in the Capitola-based wholesaler, with the transaction expected to close early next week, the Press Democrat reported. “I just felt like we needed ... more influence in where our wines are sold,” Foley reportedly said this week. “Now I can sell through a distributor that I'm a partner in.”
Epic will distribute about 150,000 cases of Foley's wines, it was reported. Some of his portfolio will stay with Young's Market, which sells Foley's wine in California, Hawaii, Alaska and other western states.
Foley Family Wines, where Bill Foley is chairman, made a string of vineyard acquisitions last year.
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