US: Inertia Beverage secures New Vine assets

By just-drinks.com editorial team | 28 July 2009

Inertia Beverage Group has enhanced its presence in online wine sales after purchasing New Vine's assets through a public auction.

The acquisition, Inertia said yesterday (27 July), will boost its long-term commitment to providing access to consumers and trade markets to wine online.

"The result of today's auction is the start of an exciting new phase in our company's evolution and we look forward to advancing our vision in the years to come," said Inertia CEO Ted Jansen.

"In the days and weeks ahead, Inertia Beverage Group will continue to communicate with our customers, employees, and other stakeholders on the integration of the former New Vine assets, as well as the future of our business," he added.

New Vine, the major California wine shipper, ceased trading amid a bankruptcy warning earlier this year.

In June Inertia agreed in principle to acquire New Vine debt from Silicon Valley Bank.

Sectors: Wine