Laughing Stock Vineyards under new ownership
David and Cynthia Enns were wrapping up their largest harvest ever at Laughing Stock Vineyards in the fall of 2016 when they came to the conclusion they were getting maxed out.
Production at the boutique Naramata Bench winery in the Okanagan Valley had doubled to 10,000 cases since they started in 2003 and they were running out of room. Plus, managing the growing operation was taking a toll.
They were looking for balance in their lives.
This past February they discretely put out feelers, looking for investors to help them expand to meet the thirst for their award-winning wines.
They eventually sat down with four different interested parties, and on Wednesday the former investment consultants, both born in Alberta, revealed they had found a partner — Arterra Wines Canada.
On Friday they handed over ownership, though the couple will still be manning the ship, going from the role of owners to founders.
“(Arterra’s) plan is to really be on the bandwagon to make us more successful in quality and quantity,” said David Enns.
“Business as usual is the mantra. We really appreciate that, plus we get extra bench strength to help us manage the stress and give us some of that balance we started searching for a year ago.”
Arterra is a relatively new name on the Canadian wine scene, but it has a long history. The largest wine company in Canada, it was originally known as Vincor International until it was purchased in 2006 by international giant Constellation Brands.
Last year, the Canadian arm of Constellation was purchased by the Ontario Teachers’ Pension Fund. It was named Arterra this past summer.
The company, with more than 2,000 employees, owns such prominent wineries as Jackson-Triggs, Inniskillin, Sumac Ridge Estate Winery, See Ya Later Ranch and Nk’Mip Cellars, as well as international brands including Ravenswood, Kim Crawford and Ruffino.
“Are we ever lucky to be partners with Laughing Stock Vineyards to help support David and Cynthia’s vision for the future with increased capital and investment to grow at a high-quality level at the pace that they’d like,” said Jay Wright, president and chief executive of Arterra.
Financial details of the sale were not released.
Wright, who said the Naramata winery fills a gap in Arterra’s portfolio, added that he’s happy with their winery lineup now and they aren’t actively looking to buy more.
This week’s news comes just a couple of months after another large Canadian player, Andrew Peller Ltd., bought three Okanagan heavyweights — Black Hills Estate Winery, Gray Monk Estate Winery and Tinhorn Creek Vineyards.
Miles Prodan, the president and chief executive of the British Columbia Wine Institute, which advocates for member B.C. wineries, sees the flurry of purchases as a good sign.
“I think it’s incredibly encouraging,” said Prodan. “These are large companies with holdings across Canada, they could purchase anywhere, so for them to choose the Okanagan is a really supportive comment on the industry in B.C. and the Okanagan.”