ALEXANDER HUTTON ADVISES
ON SALE
OF APEX CELLARS
04/11/08
SEATTLE - Apex Cellars engaged Pacific Northwest-based Alexander Hutton to review its strategic options including identifying an acquirer that would appreciate the value of a reserve-caliber Washington State winery.
Apex cultivated a strong national presence as a ultra-super premium label. Harry Alhadeff started Apex Cellars in 1988 with well-known winemaker Brian Carter. The label has earned numerous industry awards.
Apex Cellars sold to Precept Wine Brands, headquartered in Seattle. Since 2003, Precept has partnered with 10 wineries and acquired six others. By producing and selling wine under a variety of labels, Precept's annual revenues now total $30 million. "The partnerships allow Precept to take an established brand and bring it to a larger audience," Alex Evans, senior vice president of marketing for Precept said.
Precept Brands will handle day-to-day decisions and run the brand's marketing, distribution, packaging and public relations. Precept has an extensive distribution network throughout the U.S., selling wine in every state and in Asia, Europe, New Zealand and Australia.
Harry Alhadeff, president of Apex commented, "Precept has the capital and distribution. They've done an impressive job of growing their label and they'll be able to take Apex to a new level."
Tom Elzey, a Managing Director at Alexander Hutton, observed that, "the transaction was complex, positioning both parties to maximize the value of the brand." Alexander Hutton is the most established Seattle investment bank with over 180 completed transactions.
For additional information contact Tom Elzey, a Managing Director at Alexander Hutton at 206.792.1968 or telzey@alexanderhutton.com