Third Leaf Partners

What Third Leaf Partners does

Third Leaf Partners is a San Francisco-based private investment firm that acquires, operates, and advises closely held beverage and luxury hospitality businesses worldwide. The firm pursues off-market transactions involving special circumstances or unusual dynamics, applying a long-term hold strategy focused on operational value creation rather than short-term financial engineering. Led by Managing Partners Sandy Beall, Aaron Faust, and Alex Pagon, the firm is headquartered at 155 Sansome Street and employs 11-50 people. The current portfolio is split across two verticals: luxury hospitality (four US properties) and global beverage (US, South African, and Spanish wineries plus digital wine commerce assets), with additional advisory engagements to wineries in five countries. There is no proprietary technology stack disclosed; the operating model centers on direct portfolio management by the Managing Partners, supplemented by a small corporate team.

The hospitality portfolio comprises Blackberry Farm (a Tennessee resort and Relais & Chateaux member since 1994, co-founded by Sandy Beall in 1975), the adjacent Blackberry Mountain (2019, on 5,200 acres in Tennessee), High Hampton (Cashiers, North Carolina, opened 2021), and Windham Mountain Club (a premier ski resort in the greater New York metro area). The beverage portfolio comprises WineBid (the world's largest online wine auction) and Last Bottle (a major online flash sale wine retailer), both operated under Digital Beverage Group, alongside the premium wineries Mulderbosch (South Africa), Antica Terra and Yes Society (both Oregon), and Cain Vineyards & Winery (a Napa Valley brand acquired in December 2024). The firm separately advises wineries across California, Oregon, Washington, New York, South Africa, and Spain.

Revenue is derived from the operational performance and appreciation of wholly-owned portfolio companies plus advisory fees from advised wineries; specific consolidated revenue figures are not publicly disclosed. Distribution to end customers occurs through portfolio-operated e-commerce channels (WineBid auction, Last Bottle flash sales), winery direct-to-consumer shipping, and on-premise resort stays. The firm operates dedicated sub-brands Third Leaf Hospitality (hospitality practice led by Beall) and Third Leaf Beverage (beverage practice led by Pagon), with Pagon also serving as CEO of Digital Beverage Group.

Name

Third Leaf Partners

Legal name

Third Leaf Partners

Website

https://thirdleafpartners.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Third Leaf Partners is a San Francisco-based private investment firm acquiring and operating global beverage and luxury hospitality businesses. The portfolio spans premium wineries in the US, South Africa, and Spain, plus US luxury resorts and a ski club.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

Wineries (312130), Wineries (31213)

SIC

Beverages (2080)

akta.pro primary industry

Vineyard Establishment & Development (Site Prep, Trellising, Planting) (AFAGAJAA)

akta.pro secondary industry

Hotel Chain & Brand Contracting (Global/Regional Agreements) (THACAGAE)

Keywords

• Private equity firm
• Luxury hospitality investments
• Beverage investments
• Winery acquisitions
• Hospitality asset management

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Investment Returns and Portfolio Company Growth: Third Leaf Partners generates returns through acquiring closely-held businesses at fair prices, providing capital, strategy, leadership, and structure to unlock under-appreciated or unrealized potential value. The firm seeks to grow and hold businesses for a long period of time, playing the long game. Revenue is derived from the appreciation and operational success of portfolio companies including wineries (WineBid, Last Bottle, Mulderbosch, Antica Terra, Yes Society) and hospitality properties (Blackberry Farm, Blackberry Mountain, High Hampton, Windham Mountain Club).

Go-to-market motion1 record

Distribution channels3 records

Marketing channels1 record

Core offering

Third Leaf Partners is a San Francisco-based private investment firm that identifies, acquires, and operates closely held global beverage and luxury hospitality businesses. The firm provides capital, strategy, leadership, and structure to portfolio companies to unlock under-appreciated or unrealized value, holding investments for the long term. Its portfolio spans wineries and luxury resorts across the United States, South Africa, and Spain.

Product overview

Third Leaf Partners is a San Francisco-based investment firm that operates as a global beverage and luxury hospitality investment platform. The firm identifies, acquires, and manages special brands and properties with long-term value creation potential. The portfolio includes luxury hospitality properties (Blackberry Farm, Blackberry Mountain, High Hampton, Windham Mountain Club) and beverage investments (WineBid, Last Bottle, Mulderbosch, Antica Terra, Yes Society, Cain Vineyards & Winery). Third Leaf provides capital, strategy, and leadership to unlock unrealized potential in closely held businesses across the beverage and hospitality sectors.

Differentiator

Problem solved

Functional benefit

Brands

• Third Leaf Hospitality: Hospitality investment and management practice led by Sandy Beall
• Third Leaf Beverage
• Digital Beverage Group

Products and services

• Blackberry Farm

Quantifiable outcome

• Full vineyard restoration goal by 2030 for Cain Vineyards & Winery

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Protea FinancialminorOthersAaron Faust, Managing Partner of Third Leaf, is a founder and director of Protea Financial, which provides accounting and bookkeeping services to small- and medium-sized businesses.

Scale indicators4 records

Recent moves7 records

Expansion highlights1 record

Direct peers

• KSL Capital Partners: KSL is a private equity firm exclusively focused on travel and leisure businesses, including luxury resorts and hospitality properties. Highly comparable to Third Leaf's hospitality practice in mandate, asset class focus, and long-hold orientation.
• L Catterton: L Catterton is a consumer-focused private equity firm with significant investments in premium food, beverage, and lifestyle brands. Comparable to Third Leaf in its focus on premium consumer brands and long-hold approach.
• Foley Family Wines: Foley Family Wines owns and operates a portfolio of premium wineries across California, Oregon, Washington, and New Zealand. Direct comparable to Third Leaf's beverage practice given its multi-region premium wine holdings and operating model.
• Vintage Wine Estates: Vintage Wine Estates is a wine-focused consolidator that acquires, owns, and operates a portfolio of premium and mass-premium wine brands. Highly comparable to Third Leaf's wine portfolio strategy of acquiring multiple wineries and building scale through off-market purchases.
• The Duckhorn Portfolio: Duckhorn Portfolio owns a curated set of premium Napa and Sonoma wine brands including Duckhorn Vineyards, Decoy, and Goldeneye. Comparable to Third Leaf in building a multi-brand premium wine platform with D2C emphasis.
• Crimson Wine Group: Crimson Wine Group owns a portfolio of premium and luxury wineries across Napa, Sonoma, the Pacific Northwest, and Oregon. Comparable to Third Leaf in multi-region premium wine ownership and brand-focused strategy.
• EOS Hospitality: EOS Hospitality is a private investment firm focused on luxury and upper-upscale hotels and resorts. Directly comparable to Third Leaf's hospitality practice in target asset class and ownership-oriented operating model.

Broad incumbents

• Constellation Brands: Constellation Brands is a large publicly traded beverage alcohol company with major wine and spirits holdings. Comparable as a broad incumbent in the premium wine category where Third Leaf operates, though operating at vastly larger scale as a public company.
• Jackson Family Wines: Jackson Family Wines is one of the largest family-owned premium wine companies in the US with holdings across California, Oregon, and international regions. Comparable broad incumbent in the multi-region premium wine space.

Emerging players

• Ohana & Co. Ohana & Co. is a private investment firm focused on luxury hospitality and lifestyle assets. Comparable to Third Leaf as an emerging player in luxury hospitality investing with a similar boutique, owner-operator approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Third Leaf Partners