Vino Vault Welcomes Investment – Los Angeles Business Journal
Investment firm Manhattan West became the largest shareholder of the Mid-Wilshire-based wine storage operation Vino Vault LLC following the completion of its latest growth equity investment on May 17.
Vino Vault offers a comprehensive wine storage network providing a full suite of services, including “concierge-style wine storage, expert inventory organization, collection analysis and turnkey auction management services,” according to a joint company statement on the investment.
In addition to locations in New York City and Dallas, Vino Vault has greatly expanded its operations in Los Angeles in the last two years through the acquisition of five local wine storage competitors, including The Best Cellar and The Wine Locker in Van Nuys and the La Brea-based The Wine Cellar.
The Manhattan West Private Equity Fund is an active value-add investor in lower middle market companies focused on the media, entertainment, sports, and consumer sectors.
Vino Vault will leverage Manhattan West’s investment “to continue capitalizing on the highly fragmented wine storage market,” the company’s president and CEO Jeff Anthony said in a statement. Anthony said Manhattan West’s role as shareholder is “critical, driving us toward our mission to make wine collecting simple, enjoyable and hassle-free.”
“As our physical presence expands across the country, our goal is to become the nation’s leading wine storage and value-added ancillary services provider,” said Anthony. “The funding and intellectual capital we’ve gained from Manhattan West will help us redefine the way people think about and manage their wine collections.”
Demand for in-house and off-site wine storage services saw a significant uptick with the pandemic, according to the vino-focused trade publication Wine Industry Network, driven by a booze-buying boom that has increased interest in wine as an asset class.