Investment group led by Third Leaf Partners to acquire WineBid
An investment group led by the California-based Third Leaf Partners will acquire online auction firm WineBid.
Financial details of the acquisition have not been disclosed and the acquisition is subject to shareholder approval.
Founded in 1996 in Napa, California, WineBid auctions fine and rare wine products online. It has more than 90,000 registered bidders across the globe.
WineBid's chief executive officer (CEO) Jerome Zech said: "The acquisition by Third Leaf's group is a great move for both companies.
"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."
Located in San Francisco, California, Third Leaf Partners owns and operates a diverse portfolio of beverage and hospitality projects worldwide. It also offers strategic advice to emerging brands and established businesses.
Third Leaf Partners managing partner Aaron Faust said: "I first became familiar with WineBid as a customer more than 10 years ago, buying old and rare wine on the site.
"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."