L’uva Bella, the largest winery by volume in the state of Ohio, has been acquired by Marisa Sergi, 26, and Evan Schumann, 25, through their investment fund, S’quared Holdings.
The winery, based in Poland Township, primarily produces bulk wine for private label and retail channels. It also makes a range of grape and other fruit juice products.
The financial details of the transaction have not been disclosed, but the price paid by S’quared Holdings is believed to be “in the mid seven-figure range”.
The winery was founded 15 years ago by Sergi’s father, Frank. Marisa is a third-generation winemaker and already produces wine under the RedHead Wine label, which is distributed in Ohio, West Virginia and Pennsylvania, with plans to also launch in Kentucky, Virginia and Tennessee.
She said she hopes to add further product lines to the winery’s range, as well as branch into organic wine and extend distribution into five to 10 more states.
“We’ll also be implementing innovative partnerships and plan to hire six to 15 more people in the next three to five years,” she said. “We are willing to bet on ourselves, our team, and our community despite the challenging current environment. We believe we can build a bright and prosperous future for our company and our employees by continuing to produce great products and to go above and beyond to make our customers happy.”
Her business partner, Evan Schumann, studied entrepreneurship and finance at university and is member of the fifth generation of his family’s business, Ohio-based metal refinery Schumann & Co. He is the founder of Zitek Corporation and management consulting firm Matrix Growth Ventures, and has also worked for Magnus International and PrintCB.
Source: Drinks Business and L’uva Bella