Precept Wine Acquires Truett-Hurst Wholesale Business Unit

SEATTLE, Aug. 14, 2018 /PRNewswire/ -- Precept Wine today announced the acquisition of Sonoma County, California-based Truett-Hurst's wholesale business unit and its assets. Truett-Hurst, Inc. is an innovative wine sales, marketing and production company that celebrated its 10^th anniversary last October. The Truett-Hurst portfolio includes both national and exclusive brands created for retailers, including Albertsons, The Kroger Co., Trader Joes, Total Wine & More and several others. The acquisition gives Precept a foothold in the California wine market and bolsters its Grape & Grain exclusive label business, the fastest growing portion of its portfolio, accounting for 35 percent of the company's annual sales. Combined Precept and Truett-Hurst will produce more than 1 million cases of exclusive label wine annually.  Truett-Hurst will retain its Dry Creek Estate and direct-to-consumer brands Truett Hurst and VML.

"Phil knows what it takes to source, create and develop private label and national brands," said Precept Wine Chief Executive Officer Andrew Browne. "His extensive knowledge and proven track record will be invaluable to our future growth and commitment to customer nirvana."

As part of the acquisition, Phillip L. Hurst, Truett-Hurst President, Chief Executive Officer and Director will join Precept to focus on national and exclusive brands. Hurst is one of the founders of Winery Exchange Inc. As co-founder and Senior Vice President of Sales and Marketing from 1999 to 2007, he helped grow the company to over $100 million in sales in less than 10 years. Hurst is also a veteran winemaker with more than three decades of expertise.

Hurst said, "There are a lot of companies creating exclusive labels but none to the degree of Precept. Precept is genuinely dedicated to the customer at every step of the process and the company's unprecedented success demonstrates this. I'm very excited to join this dynamic team and help them continue with their impressive success."

In addition to Truett-Hurst's retail exclusive brands, the company makes and markets several national wine brands including, Cense, Colby Red and Dearly Beloved. Cense is the first premium low-calorie wine endorsed by Weight Watchers and the SmartPoints®-friendly California Rosé (13.99) and New Zealand Sauvignon Blanc (13.99) are only 85 calories per 5fl/oz serving and 3 SmartPoints®. Colby Red ($11.99), crafted by renowned winemaker Daryl Groom, is a delicious red dedicated to raising funds for cardiac research, donating more than $1 million to charities to date. Dearly Beloved is an uncompromising quality and innovative packaged California wine available in Forever Red ($12.99), I Thee Red ($8.99) and Chardonnay ($12.99). The company's 30 exclusive brands are available through more than 5 prominent retailers across the United States and 10,000 points of distribution.

"The Truett-Hurst addition furthers our dedication to giving on- and off-premise accounts a competitive edge with our exclusive label offerings," said Alexandra Evans, Chief Marketing Officer, Precept. "The company shares our highly customer centric model and will be instrumental in building our Grape & Grain division to new heights. We also plan to put a lot of marketing emphasis behind Truett-Hurst's thriving national brands."

Founded in 2003 by Andrew Browne, Seattle-based Precept is celebrating 15 years in business. It is the largest privately held wine producer in the Pacific Northwest and a top 13 American wine producer. With deep roots representing more than 30 years of Northwest investments in the wine industry, it owns and maintains nearly 5,000 planted vineyard acres across Washington, Idaho, New Mexico and Oregon; such leading wine brands as HOUSE Wine, Browne Family Vineyards, Waterbrook, Canoe Ridge Vineyard, Gruet, Primarius, Ste. Chapelle, Pendulum and Shingleback, and Red Knot, plus tasting rooms and hospitality throughout the Northwest. The company's wineries have garnered more than 600 combined best buys and critical scores exceeding 90 points. Learn more at www.preceptwine.com.

SOURCE Precept Wine