Woodinville-based wine monster Ste. Michelle sold for $1.2 billion

Woodinville-based wine monster Ste. Michelle sold for $1.2 billion

Ste. Michelle Wine Estates has been sold for about $1.2 billion to a private equity firm by its parent, the tobacco organization Altria.

Woodinville-based Ste. Michelle portrays itself as the country’s third-biggest wine organization, farming almost 30,000 acres across Washington, Oregon and California.

The organization sells wines under marks including Chateau Ste. Michelle, 14 Hands, Columbia Crest, Erath, Intrinsic and Patz and Hall.

As indicated by the Chateau Ste. Michelle website, the vineyard was established on the Woodinville estate of Seattle lumber baron Frederick Stimson, initially worked in 1912.

From that point forward, the organization has extended its operations to include vineyards in eastern Washington.

Chateau Ste. Michelle has assisted give with sponsorship the community with a scholarship to support minority undergraduates, which was set up in 2002.

Initially the fund supported minority students going to Washington State University and the University of Washington, yet in 2009, the winery extended the program to incorporate understudies going to any college or university in Washington state.

Altria, which claims significant cigarette brands like Marlboro, said it will utilize the sale’s returns to repurchase stock.

CEO Billy Gifford said shedding the wine organization is essential for its plan to focus on “moving adult smokers away from cigarettes by taking action to transition millions to potentially less harmful choices” like non-combustible nicotine products.

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