Gallo Purchase Could Boost Grape Prices
Gallo Purchase Could Boost Grape Prices
Sep 18, 2012 6
(Wines&Vines) - Capping an aggressive acquisition streak for the past year, giant E. & J. Gallo Winery has bought Snows Lake Vineyard in the Red Hills AVA in Lake County. “The purchase of Snows Lake Vineyard continues Gallo’s commitment to having vineyards in the premier winegrowing appellations in California,” said Susan Hensley, spokesperson for E. & J. Gallo Winery. Hensley declined to disclose the price Gallo paid for the 2,000-acre purchase, though other sources reported it at $42 million, for an average price of $21,000 per acre. Only 800 acres are planted to grapevines, however, for an adjusted value of $52,500 per planted acre, which would be a record in Lake County.
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