AUSTRALIA: Angove's secures stake in Tulloch Wines
Angove's, Australia's 10th largest wine brand, has taken a strategic stake in premium Hunter Valley winery, Tulloch. The company has acquired a 16.6% holding for a undisclosed sum.
The share purchase is the first time in the 117-year history of Angove's that the company has taken a strategic shareholding in another winery.
Chairman of the family-run Angove's, John Angove, said the purchase of the 16.6% shareholding in Tulloch Wines followed a successful distributor relationship with both the Tulloch family and their brand.
Angove's has been the exclusive Australian distributor of the premium Hunter Valley winery since it was purchased in 2001 by Jay Tulloch, grandson of the founder, John Younie Tulloch.
In July last year, John Angove outlined the company's strategy to boost sales over the next 10 years through organic growth and by forging long-term strategic alliances.
He said: "Tulloch is a perfect fit with Angove's growing product portfolio, and is a respected and popular brand, particularly on the east coast of Australia. We see this as an important step in continuing Angove's development as a major player in the Australian wine industry, and in keeping with our corporate strategy, to grow our business nationally and internationally.
"The move cements our solid commitment to Tulloch and ensures ongoing distribution of the highly successful Tulloch brand.''
Jay Tulloch, said the shareholding benefited both companies equally.
"Having a company with the heritage and credibility of Angove's showing such faith in the Tulloch brand certainly boosts confidence to invest in the infrastructure to support the brand," said Tulloch. "We are looking forward to building on the successful base already established over the past few years with Angove's. Exciting development plans are underway and these will be announced in due course."
The wines will continue to be made in the Hunter Valley from fruit sourced from Inglewood Vineyards, the source of Tulloch's grapes for over 10 years.
John Angove will take up a director's position on the board of Tulloch Wines.
- Focus - Edrington's FY Performance by Brand
- Pernod relies on Indian whiskey to crack Africa
- Hail Marie Brizard: But, For How Long?
- Analysis - Storm clouds lift over Diageo Towers
- 5 reasons why Constellation's Meiomi buy works
- Comment - Diageo CFO to North America? Do the Math
- Diageo CFO Mahlan to head up N America
- Diageo sells "non-core" Gleneagles
- Former Bacardi exec takes De Kuyper CEO role
- Diageo lining up Gleneagles sale - report
- Global liqueurs insights - market forecasts, product innovation and consumer trends research
- Edrington Group in Spirits (World)
- Diageo plc (DGE) - Financial and Strategic SWOT Analysis Review
- The IWSR Company Profile 2014 – Remy Cointreau
- Global Tequila insights - market forecasts, product innovation and consumer trends research