SOLD: SAM’S WINE AND SPIRITS

The Chicago Tribune reports that the family-owned Chicago retail staple, Sam’s Wine and Spirits, has agreed to sell most of the company to private equity group Arbor Private Investments. According to the article, Arbor will purchase 80% of the company while Brian Rosen (grandson of founder Sam Rosen) will retain a 20% stake and the title of president.

Currently located in Lincoln Park, Highland Park and Downers Grove, the $65 million company reportedly plans to use the extra capital (estimated at $170 million) to expand throughout Illinois.

The agreement is pending approval from local and state liquor licensing authorities.