Oregon’s Wine by Joe Attracts More Money by Bacchus
Oregon’s Wine by Joe, owned by winemaker Joe Dobbes and one of the state’s largest vintners, announced last week that Bacchus Capital Management is following up on its initial September 2011 wine investment with a “significant” new round of capital. The new money will allow the Oregon winery to plan major expansion both at its headquarters in Dundee and further afield in the US.
According to Oregonlive.com, neither Mr Dobbes nor Bacchus are willing to disclose the amount invested but have said that it will allow Wine by Joe to hire a financial officer to manage the business end of the expanding organisation.
“What this really does is allow me to do what I do best, winemaking, and gives us more firepower and ability to take things to the next level,” Dobbes commented in an interview. Peter Kaufman, co-founder at Bacchus, agrees with Dobbes, adding that the Bacchus money and attendant expertise will assist the company in its development. Said Kaufman: “The Bacchus/Wine by Joe partnership demonstrates the opportunity we can provide to partner with winemakers and/or family-owned wineries in need of capital today, a groundbreaking opportunity that traditional sources in the wine space cannot provide.”
Kurt Wittman, vice president of Northwest Farm Credit Services, believes the Bacchus wine investment to be a very logical move, with renewed optimism evident in the wine market from the beginning of this year. According to Wittman, prices are on the rise and sales are edging up to their highest levels since the financial crisis of 2008.
Three weeks ago, Mr Dobbes hired former Four Graces Winery president Anthony Van Nice as chief operating officer, responsible for retail sales, strategic planning and marketing. The winemaker intends to invest in new facilities and staff training to ensure production of the highest quality. The wine investment by Bacchus will also help Wine by Joe expand across the United States, initially in Texas, California and Florida, and allow the firm to boost production to a level which will enable it to operate in the attractive bulk-wine market.
!m[Wine Investment Helps Owner Joe Dobbes Expand His Operations and Hire CFO](/uploads/story/1451/thumbs/pic1_inline.png)
**About Wine by Joe**
Joe Dobbes launched Wine by Joe in 2001, quickly turning it into one of the largest producers in Oregon with 214 acres of estate vineyards. Dobbes’ focus is on making traditional Burgundy-style wines under three different brands: Wine by Joe, a value-priced Oregon appellation label; Dobbes Family Estate, the luxury Pinot Noir label; and Jovino, an offering available on-site.
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