NAPA, Calif., June 8, 2017 /PRNewswire/ -- Third Leaf Partners and WineBid, Inc. today jointly announced that an investment group led by Third Leaf Partners will acquire WineBid, with the goal of growing and expanding the WineBid business. The acquisition is pending final shareholder approval. Third Leaf says it is looking forward to working with WineBid's strong management team and staff to move the business forward.
"The acquisition by Third Leaf's group is a great move for both companies," said Jerome Zech, CEO of WineBid. "Third Leaf's portfolio of boutique wine and Sake brands, and relationships and experience in beverage and hospitality more generally makes them a very complementary partner for WineBid. It's a great union," he said.
"I first became familiar with WineBid as a customer more than 10 years ago, buying old and rare wine on the site," said Aaron Faust, Managing Partner of Third Leaf Partners. "We were introduced to Jerome and his team in a professional capacity several years ago, and have had a great working relationship. We've been looking for ways to expand and enhance that relationship, and this is the culmination of those efforts. We believe that it will create a strong, strategic alliance for both businesses to create growth opportunities, an excellent return for current shareholders and a dynamic business for WineBid management and staff," Faust said.
Established in 1996, WineBid is the largest online auction for fine and rare wines with more than 90,000 registered bidders worldwide. WineBid is based in Napa, California.
About Third Leaf
Third Leaf Partners owns and operates a diverse portfolio of beverage and hospitality projects worldwide, and provides strategic advice to emerging brands and established businesses. Third Leaf is based in San Francisco, California.