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In order to execute its “Buy and Build” strategy, Winebow, together with its financial partner Freeman Spogli & Co., has been searching for new distribution markets that Winebow can enter by acquiring or partnering with quality distributors. In January 2006, Winebow announced the acquisition of Mid-State Distributors, LLC., adding Connecticut to its distribution markets of New York, New Jersey, Pennsylvania, and Washington, D.C. “It is very fulfilling to continue our ‘Buy and Build’ strategy and enter the Massachusetts marketplace as a distributor through the acquisition of Boston Wine Company,” said Mr. LoCascio. “Boston Wine, a partner and distributor of Winebow products for about 20 years, has the fine wine culture that we find so critical to our business. Boston Wine is an excellent organization with a strong reputation and a talented management team and staff. We look forward to working together to develop the leading fine wine distributor in Massachusetts,” Mr. LoCascio added. Following the completion of the acquisition, which is expected to occur this summer, the management team of Boston Wine Company, Tom Docktor (General Manager), Skip Cribari (Brand Manager), and Greg Farris (Operations Manager), will continue to lead the Massachusetts business and the operations will continue to be run out of the Somerville facility. “Our objective is to provide a high level of service to the market while driving profitable growth of the Massachusetts business. We plan to enhance the portfolio and invest in the sales force and operations,” LoCascio said. “We are strong believers in sales force education and applying technology to improve productivity in the business.” Bill Friedberg, the founder of Boston Wine Company, will become a consultant to the business during the transition period following the acquisition. “I am happy to have found a quality organization that will continue our commitment to quality and provide a great opportunity for my management team and staff,” Mr. Friedberg stated. Winebow, Inc. (www.winebow.com), founded in 1980 by Leonardo LoCascio, is a major importer and distributor of wines and spirits from around the world and the leading importer of premium Italian wines in the United States. Winebow is headquartered in Montvale, New Jersey with additional offices in New York City, Philadelphia, Washington, DC., and Wallingford, Connecticut Winebow Brands International (WBI) represents fine wines from Italy, Spain, Latin America, and around the world. The portfolio includes more than 400 Italian wines from nearly every region of Italy under the Leonardo LoCascio Selections label. WBI also represents nearly 20 producers from Spain, a growing list of fine wines from Chile and Argentina, and Bruichladdich whiskey from Islay, Scotland. |