Chinese investor takes majority stake in Swartland Winery - report
A Chinese investor has acquired a controlling stake in South Africa's Swartland Winery, according to reports.
William Wu, an electronics entrepreneur, has taken a 51% stake in the Malmesbury-based winery in the Western Cape for an undisclosed sum, South Africa's Independent Online reported. The deal was approved by Swartland's 70 shareholders, but remains subject to a due diligence process, it was reported.
Swartland Winery, which was established in 1948, produces 51 types of wine, including reds, whites, sparkling and fortified varieties, according to its website. Around 55% of its sales are from exports.
Wu, who also has a stake in Paarl winery, Veenwouden, was reported as saying: “The market is in China, where I already have a ready demand for the quality and volume of wine Swartland produces.”
He added: “It (Swartland) has access to good, well-farmed grapes and is one of the few South African wineries of this size, where the majority of grapes planted are red varieties, in which the Chinese market is interested.”
Last week, trade body Wines of South Africa released details of a new campaign aimed at boosting sales in the US.
- Most Valuable Spirits Brands in 2017 - The facts
- Most Valuable Beer Brands in 2017 - The facts
- Diageo Africa president O'Keeffe on beer & spirits
- Travel Retail needs a disruptor - Comment
- What the future looks like for Australian wine
- Diageo ready to lock horns with AB InBev in Africa
- Heineken sees Tesco pull SKUs in UK
- Fever-Tree eyes bumper NPD, pack formats for 2017
- Heineken mulls M&A with $1.75bn notes issue
- Diageo unveils Blender's Batch in the US
- Central and East Europe Report Package
- Global vodka insights - market forecasts, product innovation and consumer trends
- Battle of the Generations - The fight for iGen, Millennial, Gen X and Baby Boomer consumers
- Global Scotch insights - market forecasts, product innovation and consumer trends
- Spirit Market in the Top 5 European Countries to 2021 - Market Size, Development, and Forecasts