Issue link: http://winesandvines.uberflip.com/i/152772
C O N E RNS TE R Y FIVA C O Special Report: Wine Industry Finance 2013 Editor's note: In the September 2012 issue of Wines & Vines we published the inaugural Top 20 Lenders List and the Special Report: Finance cover story to take you through the realities of winery and vineyard finance in its various forms and functions. Due to the success of that effort, we've decided to make it an annual event, tracking the top 20 lenders and their activities, and looking through the broader lens of wine finance during the past year through the eyes of an industry expert panel made up of executives from the Top 20 list and other industry finance insiders. Status of winery finance today, page 28 Q&A with key financial players, page 32 Bacchus Capital's evolution, page 36 Europe vs. U.S. vineyard valuation, page 40 Recovery Strengthens Wineries' Credit Wine Industry Finance 2013 Nascent rate increases don't negate the historically low cost of finance By Ben Narasin T he story of wine industry finance during the past 12 months combines contradictions and consistency. The contradictions come in the form of increased activity, competition and expanded players 28 W in e s & V i ne s s e pt e mbe r 20 13 in some areas of finance, contrasting with consolidation in other areas—including the failure or exiting of some private-equity players entirely. Consistency comes in the form of uniformly low interest rates throughout the year, although a window into increases has appeared of late, and it is rocking financial environments far beyond just those for wine. The backdrop for wine finance during this