Willamette Valley Vineyards launches a $1.75 million stock offering for wine consumers

Willamette Valley Vineyards, the Oregon wine company that built much of its identity around small investors and wine club loyalists, is again turning to the public for capital with a $1.75 million preferred stock offering aimed at American wine consumers.

The company, based in Turner, Ore., said the limited offering will run through Sept. 30 at $3.45 a share, with a minimum purchase of 300 shares, or $1,035, and a maximum of 5,000 shares, or $17,250. Beginning Oct. 1, the price is set to rise to $3.95 a share, and the offering will remain open through Dec. 31.

The deal gives buyers a choice between a cash dividend and in-kind benefits tied to the winery’s hospitality business. Investors can receive an annual dividend of $0.22 a share, which the company said represents a 6.3% yield at the current offering price, or they can opt for what it calls an Owner Benefit Credit. That option adds 15% in value and can be used on wine, food, merchandise, tastings, overnight stays and event admissions. The company said the credit can deliver savings of as much as 25% and can be redeemed at all nine of its locations in Oregon, California and Washington State.

The offering comes as the winery prepares for another round of expansion in Oregon, where it plans to plant new vineyards and enlarge its visitor and hospitality operations. A groundbreaking ceremony is scheduled for Sept. 12.

Willamette Valley Vineyards is unusual in American wine for the way it has financed its growth. Founded in 1983 by Jim Bernau, the company grew with the help of broad-based share sales long before crowdfunding became common. In 1989, according to the company, about 1,200 shareholders invested an average of $1,700 each in an offering of unlisted shares. By 1993, the shareholder base had grown to 4,500.

The company has long presented that investor base as more than a source of capital. It says many early shareholders were directly involved in winery operations, contributing a combined 6,000 to 7,000 hours of work a month at one stage. More than 300 also completed the Oregon Liquor and Cannabis Commission certification required to serve wine in tasting rooms.

That history has helped shape the company’s image as a community-owned winery, even as it operates at a scale that places it among the larger Pinot Noir producers in the United States. Willamette Valley Vineyards also makes Chardonnay and Pinot Grigio and farms about 1,000 planted acres.

In a statement announcing the new offering, Mike Osborn, the company’s chief executive, said the share sale is meant to deepen that community model at a time when the winery is investing in its next phase of growth. He said the commitment shown by thousands of shareholders reflects their confidence in the winery’s future and described the offer as more than a financial investment, calling it a chance to join a community focused on quality, stewardship and the company’s continued success.

Bernau tied the capital raise to a long-running expansion plan that he said dates to 1989, when the founding group of shareholders began working together. He said the upcoming groundbreaking marks the result of years of effort to turn the estate into a destination for wine, food and hospitality.

The structure of the offer also reflects a broader change in the wine business, where many producers are putting more emphasis on direct sales, tourism and on-site experiences as margins tighten in wholesale channels. For Willamette Valley Vineyards, the promise of credit that can be spent on tastings, meals, lodging and events links investment directly to the winery’s hospitality revenue. It also gives frequent visitors and wine club customers a reason to think of ownership as an extension of their existing relationship with the brand.

The company said the preferred stock is being offered on a limited basis and is designed for investors who want either regular income or winery-related benefits. Preferred shares generally carry priority over common shares in dividend payments, though they do not typically offer the same upside as common equity. In this case, the company is using the format to raise a relatively modest amount of money while reinforcing its long-established appeal to individual enthusiasts rather than institutional investors.

The timing is notable for Oregon wine, which continues to market itself on premium Pinot Noir and wine tourism even as producers face pressure from shifting consumer demand, higher labor costs and more cautious spending on alcohol in the United States. Wineries in the Willamette Valley have increasingly leaned on tasting rooms, culinary programs and destination experiences to support sales and keep visitors engaged beyond bottle purchases.

Willamette Valley Vineyards has been promoting that side of its business aggressively. The company recently said its tasting room was named the best in the country for the third straight year in USA Today’s 2026 10Best Readers’ Choice Awards. It also said its wine club received the top national ranking from the same outlet this year. Wine Enthusiast has also recognized the winery’s Whole Cluster Pinot Noir 2015 as a strong value among American Pinot Noirs.

Those accolades are part of the company’s pitch to potential buyers, who are being asked not only to finance vineyard and hospitality growth but also to buy into the idea that Oregon wine can compete at a national level in both product and experience. The Sept. 12 groundbreaking has been framed as a public milestone in that strategy, and investors in the preferred stock are being invited to take part.

For a winery that has spent decades telling customers they can be owners as well as drinkers, the new raise is a familiar move. What is different now is the market around it: a wine industry under pressure to find new capital, new visitors and more reliable direct relationships with consumers. In that setting, Willamette Valley Vineyards is again betting that ownership, even in small amounts, can help keep those relationships close.