AUS: Australian Vintage to sell Barossa's Yaldara winery, brand
AV is selling its Yaldara winery and brand
Australian Vintage is selling its Barossa Valley winery Yaldara to Chinese-owned 1847 Winery for AUD15.5m (US$14.6m).
In a filing, AV said it has signed a deal to offload the 10,000-tonne capacity site and namesake brand to 1847. According to local media, 1847 is owned by Zhitai Wang of New South Wales and Kuifen Wang from Adelaide’s sister city Qingdao, in Shandong province, China.
The deal is expected to complete by the end of the year, subject to 1847 obtaining a liquor licence for the site.
The Yaldara brand's flagship product is its 40 Year-Old Premium Port, according to AV's website.
AV has also agreed a two-year processing arrangement with 1847 to ensure the winery's output standards are maintained, it said. 1847 will offer jobs to “some” existing staff at Yaldara, according to the filing.
Neil McGuigan, AV's CEO, added that the funds from the sale will be used to “reduce debt”.
The Yaldara brand and Chateaux was originally established in 1947 by German winemaker, Hermann Thumm.
To read an exclusive just-drinks interview with Neil McGuigan, click here.
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