KEN WRIGHT
CELLARS
"Bravo to Erik and Kristin of Metis. The sale of a significant minority interest in our business was complex and detailed. Our company was composed of a corporation and six LLCs. It involved three vineyards, eight commercial properties, and numerous long-term leases. Our partners, the Gusalli Beretta family, were in Italy, which often meant a delay in conveying information. The experience of the Metis team was critical to keeping all parties informed
and moving forward.
The due diligence was quite a process but was achieved through significant support. Not only did Erik and Kristen provide the roadmap of what was needed and when, from start to finish, they were also always available when challenges had to be addressed. They did so with intelligence and sensitivity at every turn. I recommend them highly to anyone considering an acquisition or sale in our industry."
- Ken Wright, Founder & Owner, Ken Wright Cellars
“I first engaged Metis as a buy-side advisor two years ago to do a strategic search for a potential acquisition in Oregon after other acquisition attempts did not work out. What struck me right away about CEO Erik McLaughlin was his instinctive grasp of what a client needs. He understood our goals from the start, without constant back-and-forth to get aligned. The Metis team delivered from day one, including recommending technical and legal advisors who were exactly right for the job and identifying the right potential targets.
Closing the deal was a long and complex process, but it was also engaging and rewarding as the negotiations unfolded. Throughout, Erik and his team kept firm control of the situation, even at the most delicate moments. They kept a fair balance between the parties and never let pressure build or disagreements escalate, which is no small feat in negotiations that stretch over such a long period.”
- Massimo Ferrari, General Manager, Upifra Agricole
CLIENT
Few families anywhere trace their enterprise as far back as the Gussalli Beretta family. In 2026, the family celebrated the 500th anniversary of its industrial history in the defense, hunting, and outdoor sectors, a business led continuously by the same family for 15 consecutive generations. Today it is run by brothers Pietro and Franco Gussalli Beretta. The family's commitment to wine took shape in 1974 with the founding of Lo Sparviere at the family’s estate in Franciacorta. Over the following 50 years, it built a group of seven quality-focused wineries in some of Italy's most respected regions: Fortemasso in Barolo, Castello di Radda in Chianti Classico, Steinhaus in Alto Adige, Orlandi Contucci Ponno in Abruzzo, Fabio Motta in Bolgheri, and a minority interest in Leonardo Specogna in Friuli. Upifra Agricole is the family's wine holding company, with more than 170 hectares of vineyards and 60 employees.
Upifra Agricole first came to Metis as an acquisition-focused buyer interested in the Willamette Valley. Metis presented the company with a number of opportunities. Their feedback on each was always thoughtful and direct, with every response sharpening Metis' understanding of what the family really wanted. Over time, it became clear that the family’s goal would not be best met by an outright acquisition, but rather a partnership with another family-run winery with similar long-term vision and a desire to remain deeply involved.
This realization changed the approach. In Metis' experience, multigenerational family companies focused on keeping the business in the family for future generations rarely become sell-side clients, simply because they are not looking to sell. Finding the right partner would require directly approaching wineries who fit the Beretta family’s criteria to determine if they were interested in exploring a partnership with a new investor. At this point, the Beretta family engaged Metis to be its buy-side advisor and conduct a private, discreet search for the right off-market winery partner.
CHALLENGE
The Beretta name opens doors, but it also raises questions and reservations for some. Upifra's parent company is owned by the Gussalli Beretta family, which is broadly diversified, but whose main business remains the production of firearms for defense, hunting, and sport. The family is proud of their heritage but also understands that not everyone shares their enthusiasm for firearms. It was critical to the family that any partner must share their values embodied in their wine business while also being without reservation regarding their primary business.
The family’s investment criteria were also demanding. Upifra was looking for a profitable business of real scale in both wholesale and direct-to-consumer channels that also owned substantial quality vineyard assets and production facilities. They insisted that their partner must be a family-owned business with key family members enthusiastic to remain in leadership of the company. After considering other regions, their focus also narrowed specifically to Oregon’s Willamette Valley. And, of course, it must also be a winery that produced wines of outstanding quality that were true to place.
Just as important as their objective criteria was finding a partner that shared their philosophy and approach to business. The Beretta family values authenticity and efficiency over flash. They had no interest in a business that measured its success in ostentatious tasting rooms or extravagant production facilities. They wanted a partner whose priorities were wine quality, investment in land, sound financial performance, and taking care of its people. Few wineries meet all those criteria, and fewer still are open to bringing an outside family into the business.
PROCESS
Metis built a target list of approximately 20 Willamette Valley wineries whose ownership structure and size aligned with Upifra's investment criteria. Working through the list together, Metis and Upifra narrowed it to nine.
Metis then contacted each owner directly to gauge their interest in, and openness to, a partnership. Those who wished to continue signed a mutual NDA, protecting the privacy of both parties.
In a typical buy-side engagement, Metis shields its client's identity until a Letter of Intent is presented. Here, Metis deliberately departed from that practice. By introducing Upifra and the Beretta family early, any owner uncomfortable with the family's history in firearms could step away at the outset. The wineries that chose to continue provided high-level sales, expense, and asset information, and Metis built a dossier on each for the Upifra board to consider.
Ken Wright Cellars quickly rose to the top of the list. Ken Wright moved to Oregon in 1986 to found Panther Creek Cellars before establishing Ken Wright Cellars in Carlton in 1994, alongside his wife Karen. Known for single-vineyard Pinot Noirs from 14 distinct sites, Ken played a leading role in establishing the Willamette Valley's original six sub-appellations and authored the federal petition that created the Yamhill-Carlton AVA. The winery's tasting room is in Carlton's historic train depot. Over three decades, the company assembled a special portfolio of vineyards throughout the northern Willamette Valley and a collection of historic buildings in Carlton that became the base of winery operations. Ken took great pride in the family business, with his children working in the company or elsewhere in the industry and building a team of some of the most long-tenured employees in the industry, many of whom have been with him for over 20 years. Importantly, the effort and intention put into the business resulted in Ken Wright Cellars not only becoming one of the most critically acclaimed wineries in Oregon, but one of the few businesses that continued to grow despite industry headwinds.
The timing was right for the Wrights as well. Ken and Karen were dissolving their marriage and considering how to recapitalize the company to complete that process. The opportunity to partner with another family that shared their values provided both the capital to facilitate their divorce while keeping the winery on firm footing for a multi-generational future partnership.
Once there was mutual interest in a partnership, Metis began by gathering the financial and asset information necessary to construct an in-depth market evaluation, using several methodologies to determine the fair market value of the company and its holdings. Metis presented this analysis to each party independently, with each party agreeing that the valuation was fair and complete. From there, Metis designed and proposed a transaction structure that would meet the Wrights' needs, Upifra's investment thesis, and provide the outline of the new organizational structure and partnership.
Once the Letter of Intent was signed, Upifra's President, Pietro Gussalli Beretta, traveled to Oregon to meet Ken and his team, visit the winery, and walk the vineyards. While personal affinity helps every Acquisition deal, it’s essential in a Merger or partnership. Over several days, the visit confirmed the hope, as each gained trust and respect for the other and excitement for joining the families in business grew.
Mergers and partnerships are inherently more complex than full acquisitions. Negotiating the Operating Agreement that will govern the company going forward becomes more important and time-consuming than the actual Purchase and Sale Agreement, as all aspects of governance, shareholder rights, and decision-making authority for the future need to be thought through and agreed upon. Both parties brought the spirit of their future partnership to the table though, and Metis worked closely with each party as well as their attorneys and accountants to construct a framework for both the transaction and for the future of the company that worked for everyone. Metis managed an extremely thorough due diligence process, including financial modeling, organizational restructuring, and debt restructuring.
OUTCOME
After a thorough 8-month process of due diligence and organizational restructuring, the transaction closed in Fall of 2026, with Upifra Agricole acquiring a substantial interest in Ken Wright Cellars, with Ken retaining majority ownership of the company. It is the Gussalli Beretta family’s first winery investment outside Italy, and Upifra is thrilled to own part of such an important winery and to contribute to the Oregon wine industry.
For Ken, the partnership sets the company up for long-term stability. He continues to lead Ken Wright Cellars as Winemaker and CEO. All the Estate vineyards and winery buildings were included in the Transaction, as well as the leases on all long-term leased Vineyards. The vineyard, winemaking, and hospitality teams stay in place. Nothing changes for wine club members or trade partners: vineyard sources, winemaking approach, club programs, and distribution all remain the same.
The result is a partnership between two families who measure success the same way: by the quality of the wine, the stewardship of the land and the strength of what they hand to the next generation. Ken Wright Cellars remains a family-run winery, now with a new long-term partner committed to its legacy.
“Ken Wright helped show the world what Oregon Pinot Noir can be. Our family has always believed that the best work comes from patience, precision, and respect for tradition. We see those same values in every bottle Ken makes. Our role is to support what the team has built over the years by bringing our family's entrepreneurial experience, enabling Ken Wright Cellars to continue thriving in an increasingly complex market and, for our families, to be partners for generations to come.”
— Pietro Gussalli Beretta, President, Upifra Agricole