Precept Wine has announced the acquisition of Sonoma County, California–based Truett-Hurst’s wholesale business unit and its assets. Truett-Hurst, Inc. is an innovative wine sales, marketing and production company that celebrated its 10th anniversary last October. The Truett-Hurst portfolio includes both national and exclusive brands created for retailers, including Albertsons, The Kroger Co., Trader Joes, Total Wine & More and several others. The acquisition gives Precept a foothold in the California wine market and bolsters its Grape & Grain exclusive label business, the fastest growing portion of its portfolio, accounting for 35 percent of the company’s annual sales. Combined Precept and Truett-Hurst will produce more than 1 million cases of exclusive label wine annually.
Truett-Hurst will retain its Dry Creek Estate and direct-to-consumer brands Truett Hurst and VML.
“Phil knows what it takes to source, create and develop private label and national brands,” says Precept Wine Chief Executive Officer Andrew Browne. “His extensive knowledge and proven track record will be invaluable to our future growth and commitment to customer nirvana.”
As part of the acquisition, Phillip L. Hurst, Truett-Hurst President, Chief Executive Officer and Director will join Precept to focus on national and exclusive brands. Hurst is one of the founders of Winery Exchange Inc. As co-founder and Senior Vice President of Sales and Marketing from 1999 to 2007, he helped grow the company to over $100 million in sales in less than 10 years. Hurst is also a veteran winemaker with more than three decades of expertise.
Hurst says, “There are a lot of companies creating exclusive labels but none to the degree of Precept. Precept is genuinely dedicated to the customer at every step of the process and the company’s unprecedented success demonstrates this. I’m very excited to join this dynamic team and help them continue with their impressive success.”