The Rathbone Family Group and directors of Parker Estates Pty Ltd today announced that an agreement has been reached for the Rathbone family to acquire the business and assets of Coonawarra's, Parker Coonawarra Estates.

The acquisition will be completed in May 2004. The sale price has not been disclosed.

Parker Coonawarra Estates was founded by the late John L Parker in the mid 1980s and the wines and produces three wines - Terra Rossa First Growth, Terra Rossa Cabernet Sauvignon and Terra Rossa Merlot.

"We have always had great respect for John and the Parker family.  We are committed to continuing the ethos of the Parker family and upholding the remarkable integrity of this brand,' said Darren Rathbone, winemaker and technical director.

Rathbone Family Group commercial director, Gordon Gebbie said the super-premium Parker Coonawarra Estates is an exciting and complementary addition to the family's wine portfolio, which comprises Victorian wineries, Yering Station in the Yarra Valley and Mount Langi Ghiran in the Grampians region. 

"This acquisition reinforces the Rathbone family's ongoing commitment to excellence, producing quality, Australian wines of distinction," added Gebbie.