CHINA: Accolade Wines makes China distribution buy
Accolade Wines has taken majority control of Shanghai CWC Wine Trading Co
Accolade Wines is looking to up its presence in China, through the majority stake purchase of Shanghai CWC Wine Trading Co.
The company, owned by private equity firm CHAMP, confirmed earlier today (19 January) that it now has majority control of the Shanghai-based wine distribution business. Financial details behind the move were not disclosed.
“We already have an established relationship with the business, which has been distributing Accolade Wines’ products in China and Mongolia for many years,” said Accolade's CEO, Troy Christensen. “But, we will now be in a position to extend our presence in the market.”
Accolade's commercial general manager for Asia, Freddie Choong, added: “As Chinese wine consumers are now rapidly exploring the world of wine, this acquisition ensures we are well placed to provide an exciting suite of wines.”
CWC's current shareholders, including manager Bong Ha, will retain a minority stake, with Ha assuming the role of general manager for China, reporting to Choong.
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