The scent of the new on the hills of "Spring Mountain"
The acquisition and renovation of "Spring Mountain Vineyard" should bring a breath of fresh air to the vineyard concept in Napa Valley.
A new chapter full of new beginnings is unfolding for Spring Mountain Vineyards, one of the most iconic vineyards in Napa, California, with one of the largest collections of wines in the United States. Following the recent acquisition by affiliates of MGG Investment Group ("MGG") and the accompanying injection of fresh capital, it was announced that "Spring Mountain" is embarking on a new path.
The purchase was made at public auction with a credit bid of $43 million. This is MGG's first acquisition in the wine industry.
With the ownership change, "Spring Mountain" has new capital and improved financial flexibility to raise awareness of this unique, historic property and its five-decade-old wine collections.
A new horizon in sightThe goal is to increase presence in restaurants and export markets. Additionally, numerous renovations have been announced for the historic 845-acre property. This includes replanting the current circa 200+ acres of vineyards and planting an additional 70 acres of new vines, subject to Napa County approval.
The 2,043-square-foot wine cellars will also be completely renovated, and plans are underway for a new guest center and water reservoir at La Perla Ranch.
"Spring Mountain" also announced that Peter Ekman, an industry expert with more than two decades of experience in business revitalization, has been named CEO, effective immediately. In this role, Ekman will oversee Spring Mountain's real estate, winemaking and business operations as the vineyard begins its next chapter
With enthusiastic new owners, greater resources and an experienced and dedicated team, we believe Spring Mountain is well positioned to build on its strong foundation and capitalize on anticipated growth opportunities.
Peter Ekman, CEO Spring Mountain Vineyard
Historical cruxThe vineyard was Founded in 1873 and gained worldwide fame when its Chardonnay took fourth place in the landmark Judgment of Paris in 1973. However, it is mostly known for the quality of its Cabernet Sauvignon. Recently, "Spring Mountain Vineyard" suffered damage from the famous Glass Forest Fire that hit parts of Napa Valley in 2020.
Don't miss out!
Sign up now for our newsletter.