BLOOMINGTON, Ind. (Inside INdiana Business) — A founding family member of Oliver Winery in Bloomington says fans of the winery can expect business as usual now that new ownership has taken over. New York-based NexPhase Capital LP closed its investment in Oliver last month, and Bill Oliver says the investment will help the winery become more of an economic driver in the region.
The investment from NPC was first announced in January. As a result of the deal, Bill Oliver will continue to serve on the winery’s board of directors and Julie Adams, who previously served as president of the winery, has been promoted to chief executive officer.
In a joint statement on the winery’s website, Oliver and Adams said plans are in place to add at least 12 employees this year.
“We have an incredible team and together we’ve grown Oliver into a national, respected brand. Many of our employees have worked for the winery for 5, 10, even 20 years. All of us are still here — the same people behind the scenes,” Oliver and Adams said. “You may not know that, from 2006-2021, Oliver was employee-owned. So, notably, Oliver’s 60+ employee-owners benefited from this transaction in life-changing ways. It’s been humbling and meaningful to see our employees set up for retirement in such a powerful way.”
Financial terms of NPC’s investment were not disclosed. NPC Partner Jamie Kaufman and Operating Partner Doug Corbet will also join the Oliver Board of Directors.
NPC says Oliver Winery closed out 2020 with more than 700,000 cases of wine world and 40% year-over-year growth.