Despite dire warnings of fiscal cliffs and a cash flow crunch that would motivate winery and vineyard owners to seek buyers, the past year was characterized by retrenching on the part of owners and strategic investments by investors. The biggest deal of the past 12 months—indeed, since its initial announcement in spring 2019—was E. & J. Gallo Winery’s acquisition of 30 brands from Constellation Brands Inc. Worth $800 million, the deal closed on Jan. 5, 2021. In 2020, the...