Shafer vineyards possibly being sold

Looks like another Napa family owned winery might be sold…

http://www.businesskorea.co.kr/news/articleView.html?idxno=87412

“(cult wines)” lol

Hate seeing wineries that were among my favorites getting picked off…Outpost, Schrader, now Shafer. Figure Covid years plus fires then tack on the cost of doing business in CA, labor, etc…particularly rough stretch. Makes selling out for big bucks very tempting.

No more comments on this? Surprised . . .

http://www.koreaherald.com/view.php?ud=20220216000901

looks like confirmed

I’m guessing price increase for Hillside Select

I wonder if we will see any changes.

Normally, when a sale like this occurs, both parties chime in on the press release and rarely are sales prices disclosed. My sense is that the buyers or a source jumped the gun here, and made the announcement without any involvement from the folks at Shafer. I could be wrong, but this may be why there isn’t more news on this stateside; the story simply wasn’t ready to be broken.

Whatever the case, if the Shafer team is happy, then it is as it should be. Decades of consistently beautiful wines is something to be very proud of. I feel their wines added to the narrative arc of the Napa Valley in a meaningful way. I love those wines.

Nice pay day, well deserved with very respected wines throughout the marketplace. As with all these acquisitions, those who are fans of the wines (like my wife, who LOVES the Chardonnay) hope there are no stylistic changes as a result

I don’t know the story at Shafer, but in a lot of cases, it’s just generational – the founders reach old age and the kids don’t want to run it, or can’t agree, and it comes time to sell.

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Wow!! I would have thought they were the least likely to cash out, given the long history (by California standards) of ownership and the obviously sterling reputation of the winery. Never got the sense that Doug had not wanted to continue the legacy. Guess the lure of a huge payday was irresistible. Will be difficult I suppose to find another first growth kind of site like they had in Stag’s Leap. Interesting the press release talks about the 'real estate’s value of the property. Wonder if they know about the ag preserve. Kind of curious to see if Doug stays in the business ala Tim Mondavi or if he gets out completely?

Yup. Congratulations to the Shafer’s. They made their mark and can toast to quite the run.

Just got the email:

A New Chapter
Dear Shafer friend,

The Shafer hillside estate here in Napa Valley has been the site of grape growing and winemaking for more than 140 years. In that time the land has seen numerous stewards. Our family became part of the story of this place in late 1972, when my parents, John and Bett Shafer, purchased this special property. And it has been an incredible honor to act as the latest stewards of this land and to produce wine from the gifts these vineyards have given.

Today, nearly 50 years later, it’s time for a new chapter.

After long and careful consideration, our family has sold Shafer Vineyards to its new stewards, the wonderful team at Shinsegae Property. Shinsegae is a luxury brand based in Seoul, South Korea, with department stores, shopping centers, golf resorts, hotels, and other interests. It’s been a real pleasure to get to know their team and I’m very excited about this new chapter for our vineyards and winery.

I have a lot of confidence in this new team. Their focus and the long-term focus at Shafer are very much in alignment — it’s all about quality. Quality vineyards, quality wines, quality customer care. Shafer remains in good hands and if my parents could be here for this moment, I know without question that they would agree.

For those who are fans of our wines and our team, you’ll see a continuation of everything you love about the winery, while at the same time there may be some new things down the road that I think you will love and embrace as well.

It’s been the privilege of a lifetime to have joined my dad here as winemaker in 1983 and to have taken over as president in 1994. With this transition, I am happy to say that I remain at Shafer, getting the chance to focus more on strategies, future projects, and the things that made me fall in love with the wine business in the first place. In addition, Elias Fernandez, Shafer winemaker, remains in place, along with our winemaking and vineyard teams.

As the story of Shafer Vineyards continues, we all hope we can count on your continued friendship and support. We have always been grateful for you — and you have played a central role in the success of who we have been thus far. This is your story too.

Thank you for all you’ve done. And I look forward to more vintages and to future success together!
Doug Shafer

What is the acquisition price?

Good to see Elias staying!

$250.3 million.

Was just in Napa last week and we were discussing winery sales to foreign firms not knowing that this was happening behind the scenes. Just makes you wonder who is selling out next.

Whoa!

Pretty good for a former publisher of children’s books!

“Oh the Places You Will Go…and Earn a Quarter of a Billion Dollars”

Many Napa family run wineries will sell to the big dogs at some point. Times, they are a-changin. Kinda neat to see the likes of Chappellet, Joseph Phelps, David Arthur, Forman and Frogs Leap to name a few that are still going all these years later.

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