The Country Vintner, which is backed by PNC Equity Partners, has bought Stacole Fine Wines, a Boca Raton-based wine importer. PNC initially invested in TCV in 2008 and this is the second add-on acquisition since then. The details of the deal were not released.
PNC Equity Partners announced today that it joined with The Country Vintner (TCV) to acquire Stacole Fine Wines, a leading importer and regional distributor of fine wines headquartered in Boca Raton, Fla. This is the second add-on acquisition for TCV since PNC Equity’s initial investment in August 2008.
Ashland, Va.-based TCV is the second largest independent distributor of fine wines in the United States and the market leader in the Mid-Atlantic franchise states. TCV focuses on providing on-premise retailers (white tablecloth restaurants), off-premise retailers and chain retailers with a
diverse mix of more than 500 wine labels from around the world.
“The Stacole acquisition reflects our investment philosophy of building scalable platforms through complementary add-on acquisitions. In this case, Stacole represents an opportunity to expand TCV’s geographic distribution footprint and product portfolio,” said Jack Glover, partner of PNC
“This acquisition provides TCV with a strategic opportunity to penetrate the Florida wine market which is characterized by positive, long-term demand. In addition, numerous synergies exist that will result in lower operating costs for the combined business,” said David Townsend, chief executive officer of TCV.
The Stacole transaction was led by Glover, Jonathan Lewis, vice president; Michael Rost, vice president; and Andrew Wiechkoske, associate of PNC Equity Partners, along with Townsend and Dean Ferrell, chief financial officer at TCV. Glover, Lewis and Rost represent the firm on the Company’s Board of Directors.
Stacole was represented in the sale by the investment banking firm Farlie, Turner & Co.
PNC Equity Partners (www.pncequity.com) invests in companies operating in micro-marketsTM, making private equity investments of $10 million to $30 million in leveraged buyouts, recapitalizations and large minority financings of middle market companies with enterprise values between $25 million and $150 million across a variety of industry sectors. Investments for PNC Equity Partners are currently being made by PNC Equity Partners II, L.P., a private equity firm managed by an affiliate of The PNC Financial Services Group, Inc.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation’s largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management
and global fund services. Follow @PNCNews on Twitter for breaking news, updates and announcements from PNC.
Vice President and Senior Manager
PNC Financial Services Group
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