Boston, MA, Aug. 23, 2012 (GLOBE NEWSWIRE) -- Latitude Beverage has been ranked #551 on the Inc. 500|5000 list of the fastest growing privately held companies in the United States. It is also the highest ranked wine, beer or spirits company on the list.
The company's growth rate of 678% over the past 3 years and revenue of $6.9 million in 2011 is driven by the success of its wine brand, 90+ Cellars. Latitude Beverage purchases fine wine with a pedigree of accolades from winemakers that produce more wine than is sold under their proprietary label. Using a lean supply-chain model, the wine is sold to customers for a fraction of the source label price under the 90+ Cellars label. Due to strong consumer demand for ultra-premium wine for under $20 a bottle, the company expects to exceed its 50% annual growth target over the next several years.
"I started this company in 2008 with the simple mission of finding fine wine and offering it to customers for a better price," says Founder and President Kevin Mehra, who spent seven years building premium vodka brands Belvedere and UV at Phillips Distributing before launching Latitude."Today's consumers expect more for less, and I attribute our success to our ability to meet those expectations with every bottle of 90+ Cellars. As long as our wine continues to wow people, we will continue to grow."
Mark McInerney, Managing Director at GCA Savvian adds, "As a San Francisco based investment banker, I get the opportunity to see the business models of many innovative companies. I am not surprised to hear that Latitude Beverage made the Inc. 2012 fastest growing company list. Any time a business can bring a superior product to market for 30-40% less cost, they will prosper. Couple that with a management team that is executing well and you have the key components of a great company."
In addition to the Inc. 500|5000 list, Latitude Beverage appeared in the Top 20 of Beverage Dynamics' Rising Star Brand List (recognizing the fastest growing wine brands under five years of age) in 2012 and 2011, and will appear in M. Shanken's Impact and Market Watch as a Hot Prospect Brand this September. 90+ Cellars wine and business model have been featured in Time Moneyland, CNBC.com, The Boston Globe, and on ABC5 Boston's Chronicle.
About Latitude Beverage Company:
Latitude Beverage Company was founded in 2008 by Kevin Mehra to address the needs of underserved niches in the wine and spirits industry and produce high-quality products for reasonable prices. From this philosophy came Latitude's wine brand 90+ Cellars. 90+ Cellars purchases ultra-premium, finished wines from vineyards that have a history of attaining 90-point ratings, gold medals, and other wine industry accolades. The company avoids the traditional overhead required to produce, market, and sell wine and passes these cost savings on to both retailers and consumers. As a result, 90+ Cellars customers have the luxury of drinking fine wine from all over the world without paying a premium. 90+ Cellars is currently available in MA, CT, NH, VT, ME, RI, NY, NJ, TX, CA, IL, FL, SC, PA, and also online.
Jeannie Hannigan 617-505-6551 http://www.ninetypluscellars.com