As expected, Sycamore Partners, a private equity firm specializing in consumer, retail, and distribution investments, said it completed its acquisition of Ste. Michelle Wine Estates from Altria Group, Inc.
“We believe Ste. Michelle Wine Estates’ outstanding portfolio of iconic wine brands have tremendous potential for continued growth and success,” said Stefan Kaluzny, managing director of Sycamore Partners. “We look forward to working with the team at Ste. Michelle Wine Estates to build on its position as the largest wine company in the Pacific Northwest and third-largest premium wine company in the U.S.”
“We are thrilled to partner with Sycamore in this exciting new chapter for our team, as we move forward as an independent, privately held company,” said David Dearie, Ste. Michelle Wine Estates’ Chief Executive Officer. “With the benefit of Sycamore’s support and expertise, we will be well-positioned to continue to draw on our rich heritage to provide our customers with exceptional wines from the world’s premier regions and legendary wine producers.”
Kirkland & Ellis LLP served as legal advisor to Sycamore Partners.