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Over the past 25 years, Winebow has become a leader in its chosen businesses: the nationwide importation of Italian wines and the distribution of these and other great wines from around the world in four distribution markets: New York, New Jersey, Pennsylvania, and Washington, DC. In recent years, it became apparent to Winebow that many large markets around the country remain under-served by distributors focused on fine wine. To capitalize on this opportunity, Winebow, in combination with its financial partner Freeman Spogli & Co., recently embarked on a “Buy and Build” strategy to search for new distribution markets that Winebow can enter by acquiring or partnering with quality distributors. “I am very excited that Winebow will be taking its first step in executing our strategy through the acquisition of Mid-State to enter the Connecticut marketplace,” said Leonardo LoCascio, founder and CEO of Winebow. “Mid-State is a well run organization with an excellent market reputation and a talented management team and staff. We look forward to working together closely to build the leading fine wine distributor in Connecticut,” Mr. LoCascio added. Following the completion of the acquisition, which is expected to occur in March, the management team of Mid-State, Tom Simpson (General Manager) and Jim Brewer (Sales Manager), will continue to lead the Connecticut business and the operations will continue to be run out of the Wallingford facility. “Our expectation is to continue the significant, profitable growth of the Connecticut business through the enhancement of the portfolio, augmentation of the sales force and investment in the operations,” LoCascio said Joe DiNatale, the initial founder and guiding light of Mid-State, will become a consultant to the business during the transition period following the acquisition. “Joining the Winebow family through this acquisition represents a great opportunity for the people at Mid-State to join a dynamic, growing company and participate in the exciting future of Winebow,” Mr. DiNatale said. Executive Appointments Winebow also announced two executive appointments that support the company’s “Buy and Build” growth strategy and affirm its commitment to education. Scott L. Ades was appointed Senior Vice President, Corporate Development. Mr. Ades will help guide Winebow’s growth strategy through acquisitions and partnerships. Geralyn Brostrom was appointed Vice President, Public Relations & Wine Education. Her appointment signals the importance of education to the Winebow organization, which is committed to maintaining the best educated wine team in the business. 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 and Washington, DC 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. |