Southport Lane, a New York-based financial services firm, has ventured into alcoholic beverage sector with a new unit Premium Beverage Group.
The new unit has signed agreements with two companies, Lieb Cellars and Premium Wine Group, to purchase their assets from Southport Lane Management.
Premium Beverage Group CEO Richard Bailey said: "We have seen a great deal of opportunity in the small-and middle-market alcoholic beverage sector and believe a consolidation strategy under a public company umbrella makes a lot of sense."
Lieb Cellars produces and sells estate grown wines wholesale and retail from its 42-acre vineyard in Cutchogue, New York. The company will open a new tasting room in East Hampton, New York, in early 2014.
Founded in 2000, Premium Wine Group is a contract winemaking facility that enables wineries to produce wine without huge investment in equipment and facilities.
Both the transactions are expected to be complete by the end of 2013.
