The sale of Ste. Michelle Wine Estates in December was not surprising, but it brought more questions than answers—for both the company and all of Washington state wine. Though SMWE is the state’s oldest and largest winery, it has struggled to find its footing for years, going through a series of owners and leadership strategies. When New York–based private equity firm Sycamore Partners bought SMWE for $1.2 billion from tobacco giant Altria in 2021, things went from bad to worse. Finally, in December, Sycamore sold all of SMWE’s Washington wine holdings to the Wyckoff family, which owns a large agribusiness company in Yakima Valley.
This article was originally published on January 14, 2026. You can read the full-length version for free here.
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