Napa Valley’s Shafer winery sold to Korean company for $250 million
A property development business that’s part of South Korean retail conglomerate Shinsegae has purchased Shafer Vineyards winery in Napa Valley, according to a news report in that country.
“With the acquisition, we plan to further expand the group’s wine business by creating synergy with its Shinsegae L&B that is in charge of the wholesale distribution of wine and liquor,” a Shinsegae Property official told the Korea Herald.
The English-language publication put the sale value at 299.6 million won, or $250.3 million.
Jeff Quackenbush covers wine, construction and real estate. Before the Business Journal, he wrote for Bay City News Service in San Francisco. He has a degree from Walla Walla University. Reach him at firstname.lastname@example.org or 707-521-4256.