Cain's winery, tasting room and a significant part of its Spring Mountain vineyard were destroyed by the 2020 Glass Fire. Only the winery was rebuilt.

Now the brand and inventory has been sold to Third Leaf Partners, a San Francisco investment firm. Terms weren't disclosed, but Third Leaf managing partner Alex Pagon said the Meadlock family, the previous owners, had planned to rebuild the winery, but didn't. “I think the family was just fatigued,” he told the San Francisco Chronicle. “Nobody lived locally and they really lost the connection to the property.” 

The 500-acre estate itself is being sold to another buyer, Pagon said, adding a "long-term arrangfement" is "close to being finalized" to purchase grapes from the property.

Third Leaf, which previously acquired the online wine auction site Wine Bid; Last Bottle, an online wine retailer;, Conn Creek from Ste. Michelle Wine Estates, and Cornerstone Cellars from its co-founder, is looking to acquire other brands and wineries, particularly smaller wineries that mostly sell direct to consumer and "have a bit of history that would be a shame to lose, like Cain,” Pagon said.

He said Third Leaf is different from other investment firms buying wineries and vineyards. “There’s no fund,” he said. “All investment partners are family offices, so there’s no set plan or investment period. It’s not private equity that has to come in and sell a business within seven years.”