“POLAND TOWNSHIP, Ohio – L’uva Bella Winery has a new owner, but the business is staying in the family.
S’quared Holdings recently closed on the purchase of the wine products company. The investment fund is jointly owned by Marisa Sergi, CEO and winemaker of RedHead Brands, and Evan Schumann, an entrepreneur and fifth-generation whose family owns Bedford-based metal refinery I. Schumann & Co.
Sergi’s father, Frank, started L’uva Bella 15 years ago.
In addition to producing RedHead, L’uva Bella makes wines for bulk distribution, private label and retail channels, and manufacturers and distributes juices for both winemaking and other uses.
According to Schumann, it is the largest wine-making operation in Ohio and one of the largest producers of juice on the East Coast. The wines and juices are produced from grapes purchased from distributors in California, Pennsylvania and New York, Sergi says.
The partners pointed to several trends that supported their decision to acquire the winery, including market research showing U.S. sales of alcoholic beverages rose 55% during the week of March 21 and a 243% increase in online alcohol sales.
Thursday was the first day under the company’s new ownership.
“It felt really great,” says Sergi, a third-generation winemaker. “It felt like I’m finally able to find a path to succeed and be able to take control of my own destiny, and help create a company that benefits not only my personal professional goals but also the community.”
Full article here: