Precept Wine Buys Truett-Hurst Wholesale Biz for $18 Million

Seattle-based Precept Wine has acquired Truett-Hurst's wholesale wine business for $18 million. The sale includes: T-H's bottled wine inventory, brands, supplies and bulk wine inventory used for the company's control label wine brands.The deal will be Precept's first foray into California wine.Phillip Hurst, T-H's ceo, will be the chief innovation officer with Precept as of November 1. Though he will will remain a board member at T-H as well.Meanwhile, T-H will retain its direct-to-consumer business; Dry Creek Valley Estate in