Intrepid announced today the sale of Wally’s Wine & Spirits (Wally’s) to Southwest Wine & Spirits, LLC, an entity controlled by Maurice and Paul Marciano, and Christian Navarro. Intrepid initiated the transaction, assisted in the negotiations and served as exclusive financial advisor to Wally’s Wine & Spirits.
Founded in 1968, Wally’s Wine & Spirits has long been a Los Angeles institution ranging from first-time wine buyers to collectors and connoisseurs. Combining personal service with a patient and knowledgeable staff, an inventory of thousands of hard to find wines, beers and spirits, in a relaxing and comforting atmosphere, it is no wonder that the Zagat Survey has called Wally’s “The No. 1 Wine Shop in Los Angeles,” and Forbes lists Wally’s as one of their “Top Shops.”
Maurice and Paul Marciano are brothers and co-founders of global denim lifestyle brand GUESS. They have been buying wines from Wally’s for twenty years. When they learned from Intrepid that Steve Wallace, its founder, was thinking of retiring, the brothers immediately expressed interest in purchasing the business, but only on the condition that Christian Navarro, Wallace’s business partner, would remain in a leadership role. Navarro is a renowned wine personality and as part of the acquisition, has been appointed President. Wally’s Wine & Spirits will maintain its well-known name and service.
“Steve Wallace, together with Christian Navarro, has built an amazing business. Wally’s has become a lifestyle brand for wine connoisseurs in the greater Los Angeles area. It is a rite of passage for smaller up and coming winemakers and a go-to for larger renowned labels,” said Philippe Faraut, Managing Director, Intrepid. He continues, “The Marciano brothers are prominent global brand builders, retailers and wine enthusiasts. Our existing relationship with the Marcianos helped us identify them as the best partner for our client. Wally’s could not be in better hands.”
“When we first approached Philippe and the team at Intrepid, we had not considered a potential buyer universe outside of the wine world. Philippe understood the brand and its potential for future growth and development. By reaching out to the Marcianos, the Intrepid team identified a partner that has the ability to take our brand to new heights. Christian is the perfect leader to execute the Marcianos’ vision,” said Steve Wallace.