Sherry-Lehmann takes on investor, mulls expansion
Source: Crains New York
By: Lisa Fick
Sherry-Lehmann, the prestigious wine store with a worldwide reputation, is uncorking a new plan for growth as demand for fine wines takes off.
The plot was set in motion in October, when the merchant's longtime president and largest shareholder, Michael Yurch, left the closely held business to start his own consulting firm. He sold his shares back to the company, which then turned to an outside investor to raise capital, marking the first time in Sherry-Lehmann's 79-year history that it brought someone into the fold whose expertise is not in wine.
Kris Green, a former hedge-fund executive, took an undisclosed stake in the company, which is owned by three other shareholders: Chief Executive Chris Adams, Chief Operating Officer Shyda Gilmer and former Chairman Michael Aaron, whose family founded the shop in 1934. Mr. Green hails from one of the largest hedge funds in the world, Atticus Capital, which closed in 2010. He joined the retailer's board.
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