After the loss of the Spanish American markets, Spanish entrepreneurs faced considerable challenges in order to penetrate or consolidate European markets. Sherry exporting was one of their most successful responses. Very few entrepreneurs controlled this business, and most of them were non-Spaniards. The exception was Manuel María González Angel, founder of González & Byass. This firm became the leading sherry export company of Jerez in the second half of the nineteenth century. This article studies two strategies that explain the success of this firm: the organisation of partnerships with Spanish and British entrepreneurs, and the continuous adoption of technical innovation in production and distribution.