California’s Scheid Family Wines has lifted US$20m in debt from its books with the sale of three vineyards.
The Monterey winery said last week the 1,193-acre portfolio had been sold for $30m – $20m of which was made up of debts secured on the land. A spokesperson for Scheid declined to disclose the identity of the buyer.
Go deeper with GlobalData
In a statement, company president & CEO Scott Scheid said: “We are pleased to complete this transaction and continue to focus our attention and resources on the growth of our branded goods portfolio.”
Scheid Family Wines’ portfolio includes Scheid Vineyards, a range of limited production variants, as well as the recently-launched Sunny With A Chance of Flowers brand.
The winery has run into financial challenges in the past. In 2009, the group breached the terms on its bank loan facility but was able to secure a new deal later that year.
Why the future for wine in cans has arrived – click here for a just drinks comment
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
