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The Duckhorn Portfolio

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The Duckhorn Portfolio
LocationSt. Helena, California, USA
Coordinates38°31′46″N 122°29′27″W / 38.529472°N 122.490705°W / 38.529472; -122.490705
AppellationNapa Valley AVA
Founded1976
Known forThree Palms Vineyard Merlot, Calera, Kosta Browne
VarietalsMerlot, Cabernet Sauvignon, Sauvignon Blanc, Chardonnay
Websiteduckhorn.com

The Duckhorn Portfolio Inc. is an American wine company producing varietal labelled and blended red, white, rosé, and sparkling wines from California and Washington State. The main winery, Duckhorn Vineyards, is outside St. Helena, California.[1][2]

History

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The company was founded by Daniel and Margaret Duckhorn as The St. Helena Wine Company in 1976 with eight co-investors.[3] His background was in business and finance – he had consulted for the wine and spirits company Heublein and had managed a Napa Valley vine grafting and root stock business that supplied vines to vineyard owners, which brought him into contact with Napa Valley winemakers.[3]: 91  As the Duckhorns raised more capital, the number of investors grew to 80 in all.[4]

In 1978, its first year, the company produced 800 cases each of Cabernet Sauvignon and Merlot wine, made from purchased grapes — the Merlot from Three Palms Vineyard near Calistoga, the Cabernet Sauvignon from Howell Mountain and the Stag’s Leap District. The wines were released in 1980.[3]: 38 

In July 2007 a controlling interest in the company was sold to GI Partners, a private equity firm[5][6][7] which in 2016 sold its interest to TSG Consumer Partners, another private equity firm.[8][9] The sale included six wineries: Duckhorn Vineyards, Goldeneye, Paraduxx, Migration, Decoy, and Canvasback, and vineyard property in Napa Valley, Sonoma County, Anderson Valley, and Washington State.[5] In March 2021 the company was floated on the New York Stock Exchange.[10] [11]

Margaret and Daniel Duckhorn remained active in the management of the company until 2016.[1] Alex Ryan has been company president since 2005, CEO since 2011 and Chairman of the board of directors since 2012.[12][13]

The Duckhorn Vineyards label is based on a nineteenth-century French lithograph.[3]: 92  The original label was created by an original shareholder and graphic artist, Bill Cain.[14] The company has taken legal action over the years against wine brands that use versions of the duck image or the word "duck".[15] In 2014 it sued Trinchero Family Estates for its marketing of a wine called Duck Commander, and Walmart, which retailed it.[15] A settlement was reached allowing a limited amount of Duck Commander to be sold.[16]

Vineyards

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The company planted its first vineyards in 1981 in Napa Valley.[3]: 37  Subsequent purchases of vineyards and wineries include:

  • Anderson Valley vineyards—Mendocino County Pinot Noir, near Philo, CA. Initial purchase was 80 acres.[17]
  • Longwinds Estate—A 20-acre Washington State vineyard located in Yakima Valley’s Red Mountain AVA. The production, Cabernet Sauvignon, is sold as Canvasback.[18][19]
  • Three Palms Vineyard—Duckhorn had been purchasing Merlot grapes from this 73-acre vineyard since 1976 and was sole buyer of its grapes beginning in 2011.[20]
  • Calera—A Central Coast winery, founded in 1975 by Josh Jensen specializing in Pinot Noir. The sale included 85 acres of Pinot Noir vines in the Mount Harlan AVA.[21]
  • Kosta Browne—A Sonoma winery specializing in Pinot Noir. The deal included 80 acres of owned vineyards and leases on 90.[22]

In 2021 the company owned ten wineries.[23] It owned 750 acres of vineyards, producing wine under a variety of names, among them:[1][24]

  • Duckhorn Vineyards: Napa Valley red and white wine
  • Decoy: varietal and blended red, white, rosé, and sparkling wines
  • Paraduxx: Napa Valley blended red, white, and rosé
  • Goldeneye: Anderson Valley Pinot Noir, Chardonnay, rosé, and sparkling
  • Migration: red, white, rosé, and sparkling wines from Russian River Valley, Santa Maria Valley, and other locations.
  • Canvasback: Cabernet Sauvignon, Syrah, Riesling, and rosé from Washington State

Recognition

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References

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  1. ^ a b c Christaldi, Jonathan (October 14, 2021). "Duckhorn Portfolio: the billion-dollar empire". Decanter.com. Future Publishing Limited, Bath, UK. Retrieved 18 April 2022.
  2. ^ "SEC Form 13G". sec.gov. U.S. Security and Exchange Commission. December 31, 2021. Retrieved 18 April 2022.
  3. ^ a b c d e Duckhorn, Daniel; Duckhorn, Margaret; Hicke, Carole (1996). Mostly Merlot: The History of Duckhorn Vineyards," an oral history conducted in 1996 by Carole Hicke, Regional Oral History Office. UC Berkeley, Bancroft Library. pp. viii-136. Retrieved 18 April 2022.
  4. ^ Laube, James; Sogg, Daniel (July 31, 2007). "New Investor Takes Control of Duckhorn Wine Co". winespectator.com. M. Shanken Communications. Retrieved 11 April 2022. With 80 investor families it seemed like a good time for us to look at how to monetize their position
  5. ^ a b "GI Partners Completes Sale of Duckhorn Wine Company to TSG Consumer Partners, Oct, 14, 2016". GIPartners.com. GI Partners. October 14, 2016. Retrieved 13 April 2022.
  6. ^ Steve Heimoff (July 2007). "Duckhorn Wine Company sells controlling share". Wine Enthusiast. Retrieved 2007-08-01.
  7. ^ Jon Bonné (2007-08-01). "Napa Valley stunner - famed winery sold". San Francisco Chronicle. Retrieved 2007-08-01.
  8. ^ Romano, Aaron (August 30, 2017). "Private Investment Firm Purchases Control of Duckhorn Wine Company". winespectator.com. M. Shanker Communications. Retrieved 16 April 2022.
  9. ^ Quackenbush, Jeff (April 15, 2019). "Duckhorn Wine CEO: Planning for luxury market after boomers, coping with new Napa County regulations". North Bay Business Journal.
  10. ^ Marcus, Kim (2021-03-18). "Duckhorn Debuts on New York Stock Exchange". Wine Spectator. Retrieved 2022-01-29.
  11. ^ Hirtenstein, Anna. "Wine Deal Making Surges as Investors Look Past Covid-19 Woes" (October 6, 2021). Dow Jones & Company, Inc. Wall Street Journal. Retrieved 12 April 2022. Duckhorn Portfolio Inc., backed by TSG Consumer Partners LLC, another private-equity investor, went public in March, valued at nearly $2 billion.
  12. ^ Clarke, Shana (August 29, 2021). "Duckhorn Portfolio CEO Alex Ryan on Bringing Wine to Wall Street". Hemispheres. Hemispheres. Retrieved 1 June 2022.
  13. ^ "Wine Executive of the Year: Alex Ryan". winemag.com. Wine Enthusiast Magazine. December 2018. Retrieved 18 April 2022.
  14. ^ Duckhorn, Daniel; Duckhorn, Margaret; Hicke, Carole (1996). Mostly Merlot: The History of Duckhorn Vineyards," an oral history conducted in 1996 by Carole Hicke, Regional Oral History Office. UC Berkeley, Bancroft Library.
  15. ^ a b Bussewitz, Cathy (January 10, 2014). "Duckhorn files lawsuit over Duck Dynasty wines". pressdemocrat.com. Sonoma Media Investments LLC. Retrieved 12 April 2022.
  16. ^ Mobley, Esther (March 31, 2022). "The not-so-secret reason California wineries are constantly fighting over name rights". Hearst Publishing. San Francisco Chronicle. Retrieved 28 March 2022.
  17. ^ Sogg, Daniel (June 15, 2008). "Exploring California Wine Country-Anderson Valley". WineSpectator.com. M. Shanken Communications. Retrieved 18 April 2022.
  18. ^ Woodard, Richard (November 22, 2013). "Duckhorn to launch Washington State Cabernet". Decanter.com. Future Publishing Limited, Bath, UK. Retrieved 18 April 2022.
  19. ^ "Duckhorn Wine Company Debuts Its Canvasback Washington State Red Mountain Cabernet Sauvignon". IntheMix.com. in the Mix Magazine (iMi Agency). September 8, 2014. Retrieved 18 April 2022.
  20. ^ "Unfiltered: Eva Longoria Uncorks Mouton Cadet for a Cause at Cannes". Winsespectator.com. M. Shanken Communications. May 21, 2015. Retrieved 18 April 2022. Duckhorn buys Three Palms Vineyard
  21. ^ Weed, Augustus (August 15, 2017). "Duckhorn Buys Central Coast Pinot Noir Pioneer Calera". wine spectator.com. M. Shanken Communications. Retrieved 10 April 2022.
  22. ^ Romano, Aaron (October 15, 2018). "Duckhorn Buys Kosta Browne". wine-spectator.com. M. Shanker Communications. Retrieved 12 April 2022.
  23. ^ "Napa Valley wine group The Duckhorn Portfolio names chief marketing, DTC officer". The Press Democrat. NORTH BAY BUSINESS JOURNAL. March 11, 2022. Retrieved 1 June 2022.
  24. ^ a b Linda, Murphy (December 8, 2005). "Winemaker of the Year / Duckhorn Takes Wing". SFGate.com. Hearst Publishing. Retrieved 16 April 2022.
  25. ^ "Wine of the Year: DUCKHORN Merlot Napa Valley Three Palms Vineyard 2014". winespectator.com. M. Shanker Communications. December 31, 2017. Retrieved 18 April 2022.
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