Oakville, CA, January 23, 2025 – Far Niente Wine Estates (“Far Niente”), the renowned Napa Valley leader in luxury wine across six wineries, today announced the retirement of Chief Executive Officer Steve Spadarotto and the appointment of long-time wine industry executive Carol Reber to interim Chief Executive Officer. A highly experienced executive, Reber has spent the past 25 years in key luxury wine industry leadership positions, including serving on the Far Niente Board of Directors for the past two years.
Since joining the Company as CEO in 2018, Spadarotto helped to guide Far Niente through an exceptional period of financial growth and new product innovation. Notable accomplishments under his leadership include the launch of Post & Beam in 2020 and the renovation and unveiling of the new Bella Union Winery in Rutherford in 2024. Spadarotto also established a partnership with venerated consulting winemaker Thomas Rivers Brown to further elevate the Cabernet Sauvignon programs across the company’s portfolio. This included implementing advanced viticultural practices at Far Niente’s historic Stelling Vineyard in Oakville and Bella Union Winery’s estate vineyards in Rutherford. As a result of these initiatives and others, in 2024 Far Niente’s wine portfolio achieved its highest-ever critical acclaim and consumer demand, including double-digit depletion growth in what was one of the most challenging years in the wine industry’s history.
“We thank Steve for leading Far Niente to become one of North America’s most dynamic and successful luxury wine companies during his tenure,” said Rick Magnuson, Founder and Executive Managing Director at GI Partners, which jointly owns Far Niente with Apax Partners. “I have worked with Carol for over a decade and have been impressed firsthand by her industry acumen and leadership capabilities as both an executive and a Board member. We look forward to seeing her usher in the next era of progress.”
Reber has specialized in the luxury wine industry for the past two decades, after starting her career at blue-chip global consumer brands including Gallo, The Walt Disney Company and Sony Pictures. She most recently held a key leadership role at The Duckhorn Portfolio, where she was the EVP Chief Marketing & DTC Officer from 2010 to 2022. A gifted leader and omni-channel brand architect with an exceptional track record of measured growth and innovation, Reber is recognized as one of the industry’s top executives.
“Carol has added significant value as a Board member,” said Nick Hartman, Equity Partner at Apax Partners. “Her strategic thinking, empowering leadership, and commitment to excellence make her the ideal person to lead our teams into the future and introduce the Far Niente portfolio to the next generation of luxury wine consumers.”
“I am a firm believer in the power and appeal of the Far Niente portfolio and its unparalleled positioning in luxury wine, and am looking forward to working more closely with this talented team as we start an exciting new chapter for these storied wineries,” said CEO Carol Reber, who added. “I speak for our entire staff when wishing Steve the best in his retirement, and thank him for his many contributions.”
“I am proud of what our team has accomplished over the past seven years,” said Spadarotto. “I leave the Company knowing that Far Niente is in great hands and poised for even greater success in the years to come.”
About Far Niente Wine Estates
Far Niente Wine Estates represents a legacy of excellence and stewardship that spans over 135 years, under a single vision of artistry, integrity, and community. As stewards of more than 400 acres of premier Napa and Russian River Valley vineyards, Far Niente Wine Estates’ collection of world-class wineries includes Far Niente Winery in Oakville, established in 1885; single vineyard, single varietal pioneer Nickel & Nickel; Bella Union Winery, dedicated to showcasing diverse expressions of Rutherford Cabernet Sauvignon-based blends; Post & Beam, centered on time-honored techniques used to craft its contemporary style; EnRoute, devoted to world-class Pinot Noir from the Russian River Valley; and Dolce, America’s leading late-harvest wine. For more information, please visit www.FarNiente.com.
About GI Partners
Founded in 2001, GI Partners is a private investment firm with over 170 employees and offices in San Francisco, New York, Dallas, Chicago, Greenwich, Scottsdale, and London. The firm has raised more than $44 billion in capital and invests on behalf of leading institutional investors around the world through its private equity, real estate, and data infrastructure strategies. The private equity strategy invests primarily in companies in the healthcare, services, and software sectors. The real estate strategy focuses primarily on technology and life sciences properties as well as other specialized types of real estate. The data infrastructure strategy invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information, please visit www.gipartners.com.
About Apax Partners
Apax Partners LLP is a leading global private equity advisory firm. For over 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of almost $80 billion. The Apax Funds invest in companies across three global sectors: Tech, Services, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com. Apax is authorized and regulated by the Financial Conduct Authority in the UK.
