Washington’s Ste. Michelle Wine Estates (SMWE) continues to streamline its portfolio by divesting itself of wineries and brands.
Wine Spectator has recently reported that Tuscany's renowned Marchesi Antinori has acquired full ownership of Col Solare, a premium Washington winery that the two companies originally launched as a 50-50 partnership in 1995.
This transaction includes the Col Solare brand, the winery, and 29 acres of vineyards. Although the sale price has not been disclosed, Col Solare's annual production stands at approximately 5,000 cases.
“Our family has been fascinated by the unique terroir of Red Mountain AVA since the early ’90s. It's an ongoing and exciting challenge for us to make Washington red wines distinctive and renowned for their high quality,” said Piero Antinori, chairman of Marchese Antinori, in a statement. “The full ownership of Col Solare, combined with the acquisition of Stag's Leap Wine Cellars in 2023 in Napa Valley, is proof of how much we believe in these exceptional wine territories.”
A Partnership that Elevated Washington Wine
SMWE’s collaboration with Antinori marked a significant milestone for Washington State, bringing the region into the international wine spotlight. Col Solare, which means “shining hill” in Italian, combines Italian and American winemaking techniques to create distinctive wines. The 29-acre estate vineyard, located in the prestigious Red Mountain appellation, is planted with five clones of Cabernet Sauvignon as well as Merlot, Carmenere, Malbec, Cabernet Franc, and Syrah. The dedicated winery, which opened in 2007, further enhances the estate’s capability to produce high-quality wines.
“It was a privilege when Ste. Michelle partnered with Piero Antinori three decades ago to create Col Solare and grow it into an elite Washington winery, and we are thrilled the Antinori family will carry this legacy into the future,” said Shawn Conway, CEO of SMWE. “The fact that the Antinori family wants to grow their investment and commitment in Col Solare is a testament to the world-class quality, prestige, and bright future of the Washington wine region.”
Strategic Shifts at Ste. Michelle Wine Estates
The sale of Col Solare is part of a broader strategy at SMWE, which has been reducing costs and realigning its business since 2020. This shift began when Altria, then the parent company, wrote off $292 million worth of unsold wine. The momentum for change accelerated after Sycamore Partners, a private equity firm, took control of SMWE in 2021. Since then, SMWE has put its high-profile Woodinville, Washington winery and château on the market and started reducing its grape contracts by 40 percent, a move that has significantly impacted independent grape growers in the region.
The recent divestitures include ending a similar partnership with Antinori in May 2023, when Antinori increased its stake in Napa Valley's iconic Stag's Leap Wine Cellars to 85 percent. Additionally, SMWE sold Sonoma's Patz & Hall Winery back to co-founder James Hall and a small group of investors in March, just eight years after acquiring it.
The Col Solare transaction is expected to close by the end of June.
Source: Wine Spectator