Past PressPress
IBG Buys New Vine Assets at Auction for $4.5 MillionInertia Beverage Group was the winning bidder of today's foreclosure auction for various assets owned by fulfillment and compliance outfit New Vine Logistics, paying $4.5 million. The outcome gives IBG, which assists wineries with direct to consumer sales, a footprint not only in e-commerce, but in fulfillment, logistics and compliance, sometimes called, an "end-to-end solution."
Wine Business Monthly - July 27, 2009
Inertia wins New Vine assets in $4.5M bid
Napa-based wine e-commerce conduit Inertia Beverage Group acquired the assets of Napa-based wine order fulfillment provider New Vine Inc. for $4.5 million in a foreclosure auction sale here today. The opening bid from Inertia, the senior debt holder for New Vine, was the only one entered in the closed auction at a law firm office this morning, according to Inertia President and Chief Executive Officer Ted Jansen.
North Bay Business Journal - July 27, 2009
Inertia wins New Vine at auction
With a $4.5 million bid, New Vine Logistics financial backer Inertia Beverage Group won the auction Monday to claim the assets of the troubled wine fulfillment and shipping business. In early June, Napa-based New Vine , which served dozens of client-wineries in Napa and Sonoma counties, abruptly shut down, only to be quickly resurrected when Inertia Beverage Group agreed to take on the firm’s debt. At the time, Inertia President & CEO Ted Jansen said its role was to provide the finances to restart and maintain New Vine operations. In early July Jansen said Inertia would bid in a foreclosure auction to combine New Vine assets with Inertia business.
Napa Valley Register - July 28, 2009
Inertia wins auction for New Vine assets
Inertia paid $4.5 million for the assets — but not the massive debt — of New Vine, one of the largest and most sophisticated direct-to-consumer wine shipping firms in the nation. The deal will create a combined company that will keep New Vine operations going and create significant growth opportunities for Inertia, said Ted Jansen, chief executive officer of Inertia.
Santa Rosa Press Democrat - July 27, 2009
Inertia Buys New Vine for $4.5M
The summer long saga concerning New Vine Logistics came to a close today when it was announced that lead creditor Inertia Beverage Group purchased its assets for $4.5 million. In a statement, Inertia said combining the two companies “will result in the first fully-integrated and dynamic direct sales company in the wine industry, offering e-commerce, compliance and logistics capabilities all under one roof.”
Wine & Spirits Daily - July 27, 2009