BLOOMINGTON, Ind. (Inside INdiana Business) — A New York-based private equity firm has signed a definitive agreement to invest in Oliver Winery in Bloomington. Terms of the deal with NexPhase Capital LP were not disclosed, but it is expected to close in early 2021.
The winery says it finished 2020 with 40% year-over-year growth. Oliver says it sold 700,000 cases of wine last year. NexPhase says it expects Oliver to continue the rapid growth.
“NexPhase is committed to protecting and nurturing the exceptional company culture and brand that has made Oliver Winery a leader and innovator in the wine industry,” said Jamie Kaufman, a partner at NexPhase. “We look forward to partnering with the Oliver team to support their industry-leading growth and intend to continue to invest in their facility in Bloomington, Indiana.”
The winery says it will continue to grow and innovate with NexPhase’s financial backing and industry expertise.
“NexPhase is a dream-come-true new partner. They’re smart, good people, who will bring even better resources to the table. We couldn’t be more excited about what’s next,” said Bill Oliver, a founding family member, who also serves on the board of directors.
Oliver Winery’s headquarters and production will remain in Bloomington. Current company president Julie Adams will assume the role of chief executive officer.
“I am confident that this transaction will benefit all of our stakeholders, including our customers and especially our employees. This is the beginning of a new, exciting chapter for our team, and we are thrilled to continue to build on our strong foundation with the support of NexPhase,” Adams said.