In early September Bacchus invested in Wine by Joe, a leading Oregon wine business founded and run by Joe Dobbes, one of Oregon’s most prominent winemakers. This was Bacchus’ first investment in an Oregon wine producer and complements our focus on California wineries and wine businesses.
Opportunities Matter – Oregon’s Success Today
Today, the Oregon wine industry is valued at $2.7 billion, having nearly doubled in the past four years. This growth is particularly remarkable given the recent turns in the US economy and reflects the opportunity for Oregon wines, as consumers continue to become aware of their quality and value. Today there are 418 commercial wineries in Oregon and 40% of their production is sold out of state. In the last few years, many Oregon wineries have made improvements in strengthening national sales, direct to consumer businesses, and on-premise tasting rooms. Specifically, national sales have increased +94% since 2006 and sales direct to consumers rose 133% since 2006. (Source: Oregonlive.com July 14, 2011 and Full Glass Research)
The Bacchus Partnership
The Bacchus investment in Wine by Joe reflects the Bacchus mission: to provide strategic capital and flexible solutions to profitable U.S. wineries and wine-related businesses which demonstrate significant growth potential. Our targets are businesses generally, but not exclusively, in the super and ultra premium end of the wine industry which are privately or family held. These businesses are seeking sales and/or infrastructure growth or need to manage ownership transitions.
Joe Dobbes started his business in 2002 with $50,000 and today is Oregon’s 2nd largest wine producer. His current goals include building national and international distribution and supporting his own labels. We are pleased to work with Joe, an innovator and leader in the field, and look forward to a long and productive partnership.
Thanks Joe for being such a great partner for the Oregon Wine Industry...and to Quinton, welcome to Oregon & let's get together for a glass of wine the next time you're in town!