ST. HELENA/SAN ANSELMO, CA - April 3, 2002 -Silicon Valley Bank (the "Bank"), a wholly-owned subsidiary of Silicon Valley Bancshares, and Turrentine Wine Brokerage, the leading broker specializing in premium wine grapes and wines in bulk, today announced that Silicon Valley Bancshares has taken a minority equity share in Turrentine Wine Brokerage. Turrentine Wine Brokerage will continue to be operated by Bill Turrentine, President, and Steve Fredricks, Vice President, both of whom are majority shareholders in the company.
At the same time, Silicon Valley Bank provided Turrentine Wine Brokerage with a $1 million loan. Turrentine Wine Brokerage will use this capital to buy back all existing shares currently held by Joseph Ciatti and his partners, owners of another wine brokerage firm.
"As the leading lender to the Premium Wine Industry, we understand the crucial role that long-range inventory management plays in wine business profitability and are excited to be partnering with the leader in that space," said Rob McMillan, Executive Vice President of Silicon Valley Bank's Premium Wine Practice. "This relationship reflects our commitment to the industry and will allow us the opportunity to share wine business knowledge and be an even greater asset to our clients." With a solid focus on the premium grape and wine markets, Turrentine Wine Brokerage grew rapidly during the last ten years as the premium wine business soared. In the fall of 2001, Turrentine Wine Brokerage approached Silicon Valley Bank's Premium Wine Group to secure a loan to buy out the existing shares held by Joseph Ciatti. Not only did Silicon Valley Bank agree to the loan, but the holding company, Silicon Valley Bancshares, expressed an interest in becoming an equity investor in Turrentine in order to further penetrate the premium wine business.
"This marks a new era for Turrentine Wine Brokerage," said Bill Turrentine, President of Turrentine Wine Brokerage. "We have found a valuable and committed partner with an excellent understanding of the premium wine business. We look forward to leveraging the relationship with Silicon Valley Bank as we continue to substantially grow our grape sales, our bulk wine sales and the strategic planning services we provide to our clients."
About Turrentine Wine Brokerage
Turrentine Wine Brokerage is dedicated to helping the California wine business by supplying accurate information about supply trends and by providing win/win negotiations. The company works with most of the wineries in California, as well as with wineries in other states and with foreign purchasers of California wines. Turrentine Wine Brokerage also assists many of the state's leading grape growers in marketing their grapes. After 36 years with the Wine Institute and as head of the Wine Advisory Board, Dan C. Turrentine founded Turrentine Wine Brokerage in 1973 to serve the wineries and growers of California. Dan's son, Bill Turrentine, joined the company in 1977 and is now President. More information can be found at www.grapes-wine.com.
About Silicon Valley Bank Silicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries, including the premium wine business, in which it can provide a higher level of service and better manage credit through specialization and focus.
The Bank operates throughout the Silicon Valley: Fremont, Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma. Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; New York, New York; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington. More information on the Bank can be found at www.svb.com.
Rob McMillan, Silicon Valley Bank, 707-967-1367, email@example.com
Christina Cupp, Blanc & Otus, 415-856-5164, firstname.lastname@example.org
Bill Turrentine, 415-454-4546, Bill@grapes-wine.com