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Truett-Hurst +47% as it sells wholesale wine business

Published 08/13/2018, 06:43 PM
Updated 08/13/2018, 06:43 PM
© Reuters.  Truett-Hurst +47% as it sells wholesale wine business
  • Wine sales/marketing firm Truett-Hurst (NASDAQ:THST) is up 47% after hours following word that it's sold its wholesale wine business, to Precept Brands for about $18M in cash.
  • The business consists of Truett-Hurst's bottled inventory, brands, supplies and bulk wine inventory along with related intellectual property.
  • Truett-Hurst will keep its direct-to-consumer business, along with Dry Creek Valley Estate in Healdsburg, Calif.
  • The company should net about $15.9M from the transaction and will continue providing some services to Precept through the current harvest.
  • It also says Paul Dolan will serve as interim CEO, as current CEO Phillip Hurst will become chief innovation officer at Precept as of Nov. 1.
  • Now read: Constellation Brands (NYSE:STZ): An Update


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