MOMENTUM CASE STUDIES
FORTUNATE GLASS
In the heart of downtown Wilmington, The Fortunate Glass had become a beloved destination for wine enthusiasts — a staple of the city’s vibrant hospitality scene known for its refined atmosphere and expertly curated wine list.
When MoMentum Companies facilitated its sale to local entrepreneur Tom Noonan, the transaction represented more than a change of ownership — it marked a seamless transition of a community favorite and a strategic milestone for both buyer and seller. By structuring a dual sale of the business and real estate, MoMentum enabled the owner to reinvest directly into The Second Glass, a new fine dining concept, without incurring additional debt — exemplifying the firm’s expertise in creative deal structuring and hospitality brokerage.
Location
Downtown Wilmington, North Carolina
Real Estate
Upscale Wine Bar & Real Estate
Broker of Record
Terry Espy – MoMentum Companies
Representation
Both Seller and Buyer
Business Overview
The Fortunate Glass was an established and well-loved wine bar located in the heart of downtown Wilmington, NC. Known for its curated wine list, intimate setting, and loyal following, it had become a cornerstone of the city’s hospitality scene. The sale included both the operating business and the underlying real estate — a rare opportunity in Wilmington’s thriving downtown market.
The original owner had successfully operated The Fortunate Glass for eight years and was already collaborating with MoMentum Companies to develop The Second Glass, a new full-scale fine dining restaurant and wine bar in a nearby mixed-use project. Initially, she had no plans to sell The Fortunate Glass.
However, when Tom Noonan approached MoMentum Companies describing the specific type of wine-focused business he hoped to acquire, Terry Espy reached out to the seller, Ms.Glass, to ask whether she might consider selling. After careful consideration, Ms. Glass realized that selling The Fortunate Glass would provide ample capital to advance her new concept without taking on additional debt.
Valuation and Pricing
MoMentum conducted a detailed valuation of both the business and real estate using SBA lending guidelines and current market comparables. This established a justified asking price that supported financing options while reflecting the combined business and property value. Once presented to MoMentum’s network of qualified buyers and lenders, the opportunity generated strong interest — with Tom Noonan emerging as the ideal buyer to carry on the wine bar’s legacy.
Sales Process
The transaction required careful coordination of both the business sale and real estate closing. MoMentum managed all aspects of the process, including:
• Business and property valuation
• Coordination of appraisals and buyer requirements
• Facilitation of due diligence and document review
• Preparation and negotiation of contracts• Closing coordination with attorneys, lender, and title company
"I bought The Fortunate Glass in beautiful Downtown Wilmington in July of 2018. It was seamless with dealing with Terry Espy. She guided me process with ease. Terry cares about downtown Wilmington and I call her The Meryl Streep of Downtown Wilmington!!!!" - AB - Business Owner
Outcome
The sale of The Fortunate Glass to Tom Noonan was completed seamlessly, encompassing both the business and its real estate. The seller successfully reinvested proceeds into launching The Second Glass — an upscale fine dining concept that elevates her original vision — all without the need for additional financing.
This transaction highlights MoMentum Companies’ ability to pinpoint strategic opportunities, structure combined business-and-property sales, and deliver tailored solutions that align the goals of both sellers and buyers within the hospitality industry.
Referral Contact
While all MoMentum Companies business listing agreements include a two-year confidentiality clause, many clients generously agree to share their experience and results with potential clients.
For a referral conversation, please contact:
Tom Noonan
📧 Tom@FortunateGlass.com
📞 601.564.5306
Terry Espy
Complete our contact form or call today to schedule an initial consultation.