Coppola buys Geyser Peak Winery facilities, vineyards
By CATHY BUSSEWITZ / The Press Democrat
The deal will enable Coppola to expand its winemaking capabilities after a bumper crop that left many wineries scrambling for additional space in wineries, barrels and tanks.
“In nutshell, we’ve outgrown our space where we are,” said Corey Beck, general manager and director of winemaking at Coppola. “We’re experiencing throughout Northern California a pinch on production space. This last year, we had our largest harvest ever. Sonoma county crushes more tons than the entire state of Washington.”
Although Coppola will own the tasting room and buildings, the Geyser Peak wine label and brand were not part of the deal. Accolade Wines, the Australian company that bought Geyser Peak Winery and sister brands Atlas Peak and XYZin in June, will continue to lease the tasting room and make wine on the property.
Financial terms were not disclosed. The property was valued at $35.3 million at the end of 2012, according to public documents.
The deal marks the latest unloading of assets by EPR Properties, which owned the Geyser Peak facility and most of the buildings and vineyards of the former Ascentia Wine Estates. EPR used to be called Entertainment Properties, but the Kansas City, Mo.-based company changed its name to reflect its broadened investment focus on entertainment, education and recreation.
During 2011 and 2012, EPR sold four of its vineyard and winery investments for a total of $66.5 million, according to its latest annual report. It recently sold Carneros Custom Crush to Carneros Vintners, which was leasing the property. In the past year it sold Ramal East Vineyard to Foley Family Wines and Ramal West to Jackson Family Wines.
EPR has openly stated its interest in selling its remaining winery and vineyard properties, which were worth $55.3 million at the end of 2012, according to its annual report. It still owns Rack & Riddle Custom Crush Facility in Hopland and several other wine-related properties.
You can reach Staff Writer Cathy Bussewitz at 521-5276 or email@example.com