Team C&J
One of California’s largest wine companies has filed for bankruptcy
Vintage Wine Estates, one of the biggest wine conglomerates in California, has filed for bankruptcy and plans to delist from the stock market. Despite once debuting at $9.68, Vintage’s stock plummeted to below $1 last year and has been stuck under 20 cents since June. The Santa Rosa company, which owns brands like B.R. Cohn, Girard, and Viansa, has been struggling for a while. To help pay down its $305 million debt, Vintage sold the Cosentino Winery property to entrepreneur Brion Wise for $10.5 million. Founded by Pat Roney in 2009, Vintage has over 30 brands and produces 2 million cases annually. The company’s financial woes reflect broader challenges for wine companies on the stock market, often referred to as the “kiss of death.” Despite efforts to stave off bankruptcy with deals to defer payments, Vintage ultimately couldn’t avoid Chapter 11. They plan to continue operations while addressing their debt obligations through asset sales.
Brion Wise Buys Former Cosentino Winery from Vintage Wine Estates
Brion Wise, the man behind BRION and B. Wise Vineyards, just snapped up the former Cosentino Winery on Napa Valley’s Highway 29 for $10.5 million from Vintage Wine Estates. The sale coincides with Vintage Wine Estates filing for Chapter 11 and using the proceeds to pay down debt. This purchase marks Wise’s third major wine investment recently, following his acquisition of Mark Herold Wines and a 128-acre estate on Pritchard Hill last year. Though the Cosentino brand and inventory weren’t part of the deal, the winery itself adds another jewel to Wise’s growing California wine empire.
Congress Questions Origins of Alcohol Panel | Wine-Searcher News & Features
Congress is raising eyebrows over the selection of anti-alcohol activists to shape the upcoming US dietary guidelines for alcohol consumption. There’s concern over why figures with starkly anti-alcohol views, like Canadian researcher Timothy S. Naimi, are leading the charge. Naimi’s stringent alcohol recommendations have been rejected twice before in both the US and Canada due to lack of supporting evidence. Yet, he’s been chosen again, despite receiving funding from a Prohibitionist group, IOGT.
The six-person panel includes three Canadians, sparking further confusion and frustration. Laura Catena, a medical doctor and winery owner, echoed these sentiments, questioning why the US, a country known for its advanced research, would lean on foreign experts with controversial histories. This situation has prompted 23 Congress members to demand explanations from the National Institute of Health, highlighting that dietary guidelines for adults should not be conflated with efforts to curb underage drinking.
This controversy is critical for the wine industry, especially as new guidelines could significantly impact consumption patterns and industry stability.
California vineyard workers are losing wages amid extreme heat. Now they’re fighting back
California vineyard workers are losing wages due to intense heat, as employers send them home for safety without pay. Over the past six weeks, workers like Isidro Rodriquez have missed several hours, struggling to pay bills. Advocates like Davida Sotelo Escobedo from North Bay Jobs with Justice report many similar cases, with some farmworkers risking their health by working in extreme conditions without proper shade or breaks. This has reignited demands for disaster pay to compensate lost wages during extreme weather events, with a big march planned in Healdsburg on July 28. While Sonoma County has initiated some wildfire protections and a disaster fund, it’s not enough. Workers like Doug Boeschen at Boeschen Vineyards have started offering disaster pay and hazard insurance, seeing it as essential for the industry’s future amid increasing extreme weather.
At the Wine Institute California Wine Export Program’s annual meeting in Sonoma, experts discussed the significant growth opportunities for California wine in global markets. They pinpointed key emerging markets in South Africa, East Africa (Kenya/Tanzania), West Africa (Nigeria), Mexico, and Vietnam, as well as developing markets in Ukraine and Australia. With $13 million in funding from the USDA, the program aims to expand California’s presence in these regions, focusing on leveraging the state’s sustainability and premium wine segments. The event highlighted the differences between emerging markets, which are new to wine culture, and developing markets, which have established wine traditions but are new to California wines. The agenda included strategies for market entry and plans for educational and promotional activities in these key areas to bolster California’s wine footprint globally.
Sicily winemakers brace as Mount Etna erupts
Mount Etna erupted recently, sending a massive ash cloud into the sky and temporarily closing Catania airport. While the eruption caused some travel disruptions and loud roars for locals, Sicily’s winemakers are largely unphased. Producers like Alessio Planeta from Planeta Winery noted that the volcanic ash actually benefits the vineyards by enriching the soil. Despite the dramatic spectacle, recent lava flows haven’t threatened the vineyards. Historically, the region has coexisted peacefully with the volcano, as evidenced by ancient nearby villages. Although last year’s harvest was down, the quality of Etna’s wines remains excellent. So, despite Etna’s fiery display, winemakers continue their work, confident and relaxed about their vineyards’ volcanic benefits.
Dry-farming in American viticulture? Irrigation and a changing climate – Decanter
Dry-farming, long seen as a backbone of Mediterranean viticulture, is gaining attention and importance in American winemaking, particularly in the face of changing climates. Vineyard managers like Riggs Lokka of Emeritus Vineyards champion dry-farming, relying solely on rainfall and natural soil moisture. By eschewing irrigation, these vineyards encourage deep root growth, helping the vines adapt to weather shifts and express the terroir. While dry-farming may lead to smaller berries and decreased yield, the resulting wines show intensified flavors and a true expression of the region’s soil and climate. Certain challenges exist, with soil structure and rootstock depth playing crucial roles in successful dry-farming practices. As American winemakers navigate this shift, they observe lessons from Old World regions like Europe, adapting traditional methods to suit modern climate demands.
Frost damage in German vineyards to cost millions – Decanter
Severe spring frost in German vineyards this year is projected to result in significant financial losses, potentially totaling tens of millions of euros, according to insurance group Allianz Agrar. The late April frosts were deemed the worst in over 40 years, severely impacting vineyards in various regions such as Baden, Württemberg, and parts of Franconia, with around 80% of vines damaged in Sachsen and Saale-Unstrut. While the overall impact on Germany’s 2024 wine harvest is expected to be relatively low due to localized damage, affected wineries face challenges with potential losses of their grape harvest. Experts are assessing the extent of the damage, emphasizing the importance of multi-risk insurance to safeguard against extreme weather events, magnified by climate change’s influence on the growing season and vulnerability of young buds to sudden temperature drops.
Can you make sparkling wine in Texas?
In Texas, the wine scene is booming, with a growing number of wineries stepping up to produce sparkling wines. Driven by a desire for locally crafted, small-batch wines with unique stories, wine producers in Texas are pushing the boundaries. While battling misconceptions about the quality of Texas wines, these producers are utilizing Texas’ diverse microclimates to their advantage. From the Texas High Plains to the Hill Country, different regions offer unique characteristics that contribute to the quality of the wines.
Challenges like freezing hail and heat spikes keep winemakers on their toes, but they are experimenting with both traditional and non-traditional grape varieties to create standout sparkling wines. From using classic varieties like Pinot Noir to exploring hybrids like Blanc Du Bois, Texas winemakers are showcasing the potential of the state’s terroir. Despite being in its early stages, the future looks promising for Texas sparkling wine, with pioneers like William Chris, Reddy Vineyards, and others setting the stage for a sparkling wine revolution in Texas.
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