Justin Vineyards Acquired By Fiji Water
on 06/12/10 at 12:20 amWine
Billionaire Stewart Resnick’s Fiji Water LLC will acquire Justin Vineyards & Winery in Paso Robles, California, for an undisclosed price, adding upscale wine to his investments in bottled water and pomegranate juice.
Justin, which makes about 50,000 cases of wine a year, was founded in 1981 by former investment banker Justin Baldwin and his wife, Deborah. The 160-acre property includes a hotel and a restaurant.
“It’s actually a perfect match,” said John Cochran, president of Fiji Water, in an interview. “The Justin folks have done an exceptional job of building a great business, primarily based on fantastic products. And despite all the success that they’ve had, there’s still a great opportunity, given consumer demand for the product, to carefully grow that consumer presence and distribution.”
The acquisition is one of eight this year for California wineries, twice as many as last year and the most since 2007, when eight purchases were completed before the recession, according to the San Francisco-based Wine Institute.