US: Australian wine group acquires US distributor
Evans & Tate chairman and CEO, Franklin Tate, said the acquisition, no financial details of which were disclosed, would give the company a solid foundation on which to expand in the US market.
"Scott Street Portfolio is seen as an ideal fit with Evans & Tate because of its strong wine focus and strong management team," Tate said. "It is anticipated that this business will increase its volume fourfold over the next five year period, with in excess of 50% of that volume being Evans & Tate product."
Evans & Tate announced the acquisition at the same time as their first half results. The company posted a 28% increase in net profit for the first half to A$1.06m. Sales were up by 29% to A$14.6m, boosted by strong rises in sales of premium, super premium and ultra premium wines.
"This is an excellent start to the year and, given the ongoing changes in the industry, we are confident of continuing growth in line with recent market expectations," Tate said.
Companies: Evans & Tate
Australian wine company Evans & Tate has suffered acutely as grape oversupply and weak exports have combined to hit the Australian wine industry hard. David Robertson reports on the company's woes and...
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