SEATTLE (AP) — Ste. Michelle Wine Estates has been sold for about $1.2 billion to a private equity firm by its parent, the tobacco company Altria.
Woodinville-based Ste. Michelle describes itself as the nation’s third largest wine company, farming nearly 30,000 acres across Washington, Oregon, and California and selling wines under labels including Chateau Ste. Michelle, 14 Hands and Columbia Crest.
Altria, which owns major cigarette brands such as Marlboro, said it will use the sale’s proceeds to buy back stock.