(HOUSTON) -- Texas-based Saragossa Wine Group, L.L.C., today
announced completion of its acquisition of Lubbock's award-winning
Cap*Rock Winery from Plains Capital Corporation, and will immediately
assume responsibility for day-to-day wine production, tasting room, and
marketing operations of the mission-style landmark, according to Todd
Graham, Saragossa CEO and president.
As part of the acquisition agreement,
Plains Capital Corporation
will retain a non-operational minority property interest in the ongoing
business, Graham added.
"This acquisition by Saragossa
is the cornerstone for our
building a collection of the best brands the wine industry -- and in
particular the Texas wine industry -- has to offer," Graham said.
"Cap*Rock wines are among the brightest stars in the Texas wine business
and we are eager to expand their exposure and the value of their
position in the premium wine arketplace."
Texas' third largest winery and
considered by many among the
most picturesque in the United States, Cap*Rock was established in 1992
and sells some 30,000 cases of wine annually, mostly to domestic
markets. It has won over 400 awards in state, national, and
international competitions, and its brands have been served throughout
Texas at many high-profile functions, including the visit of former
British Prime Minister Margaret Thatcher.
Mike Anders, a Saragossa founder,
noted in particular that "the
good stewardship" of Plains Capital Corp speaks for itself in Cap*Rock's
growing success. "Alan White, "De" Pierce, and the great
team of
managers and operations personnel who take personal pride in their
product have set a high standard of excellence in our industry. We look
forward to building on that performance and increasing brand and market
growth," Anders said.
"We are also excited that Plains
Capital opted to remain
involved as our financial partner and we look forward to a long and
prosperous relationship with them and the Lubbock community, " added
James Wolff, Saragossa's Chief Financial Officer. "Their unique
relationship with Cap*Rock gives them a valuable understanding of the
wine business among financial institutions."
Saragossa Wine Group is a
Houston-based company founded by Mike
Anders, Jim Wolff, and Todd Graham for the purposes of acquisition and
operations of premier winery and vineyard assets throughout the United
States, and is named after St. Vincent of Saragossa, Spain, the patron
saint of vintners.
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MediaLinks: For more information about Cap*Rock Winery, go to
http://www.caprockwinery.com
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