(PD) - The PlumpJack Group, whose ownership includes Lt. Gov. Gavin Newsom, announced on Thursday it purchased the Ladera Vineyards winemaking facility and 82-acre vineyard atop Howell Mountain in Napa County.

The group’s CADE Estate Winery in Angwin will use Ladera’s facility and its 74 acres of cabernet sauvignon and 3 acres of sauvignon blanc to increase production of its well-regarded wines, which retail from $32 to $98 a bottle.

The purchase price was not disclosed, but industry sources put it close to $50 million.

The company is not acquiring the Ladera Vineyards wine label from proprietors Pat and Anne Stotesbery. Ladera will continue in the future to source grapes from the vineyard, which features a rich volcanic soil that is low in nutrients and high in minerals at an elevation of more than 1,600 feet.

“While we have loved our role as the stewards of this special place, because our children have decided to pursue careers outside of wine, our Howell Mountain home had grown a bit big for us,” Pat Stotesbery said in a statement. His winery was represented by International Wine Associates in the deal.

Stotesbery said in an interview that Ladera has been downsizing production in recent years to keep the business more manageable, targeting a boutique level of 3,000 to 7,000 cases annually. He will be looking to purchase a winery in the future.