AUS: E&T strikes Griffith deal with The Wine Group
Australian wine producer Evans & Tate has finally sold its Barramundi winery in Griffith after striking an agreement with California's The Wine Group.
E&T said on Friday (14 July) that it has offloaded the winery in a deal worth more than A$8m (US$6m). "The sale is a very positive step towards delivering our turnaround strategy," said E&T managing director Martin Johnson.
The sale was secured with The Wine Group's newly-formed Australian subsidiary, TWG Australia. Australian Securities & Investments Commission records show TWG Australia was registered in Victoria just a month ago and is owned by the San Francisco-based company. The Wine Group sells around 40m cases of wine a year with a stable of brands including Franzia, Glen Ellen and Corbett Canyon.
E&T is hoping to finalise the sale of its Mildura winery at the end of the month. The sale hit a snag with its prospective buyer blaming "volatile" equity markets for the delay.
UK beverage group Neqtar agreed to buy the winery in March through its Australian subsidiary, SDS Beverages Food and Wine, in a deal worth A$22m. However, Neqtar had asked for the completion of the deal to be put back a month to 31 July.
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