Central and Eastern European wine group Purcari Wineries has struck a deal to acquire Romanian wine producer CaraprodVin.
Financial details of the transaction, which has been signed by Purcari’s Romanian subsidiary Crama Ceptura, were undisclosed.
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In a statement, Victor Bostan, founder and CEO of Purcari Wineries, said the Vrancea region is known to be “one of Romania’s most important grape-growing regions, particularly for its white grape varieties and the distinct character they express”.
He added: “Through this acquisition, we intend to invest in the local platform, build the right infrastructure for primary vinification, and grow alongside the region. Over time, we aim to become an important player in Vrancea and a trusted long-term partner for local grape growers.”
Based in Varstecoiu Commune, in Romania’s Vrancea County, the transaction includes CaraprodVin’s production facilities and “a primary vinifaction platform”, the statement from Purcari said.
The agreement will see Purcari acquire 33.18 hectares of vineyards in the Vrancea wine region.
In its statement, Purcari said the purchase “marks Crama Ceptura’s first operational presence in the region” and grants “direct access to high-quality local grape supply”.
It added that the move complements the company’s expansion into the Dealu Mare wine region.
In February, Purcari filed a binding offer to acquire Romanian competitor Serve Ceptura in full for an unknown sum.
The group also said “these steps reflect a deliberate effort to build a diversified, vertically integrated Romanian wine platform, anchored in two of the country’s most important appellations”.
It plans to invest in the purchased sites to create a “modern primary vinification platform” and bolster quality control.
The transaction is expected to close once “all applicable procedures” are completed, Purcari said.
Headquartered in Moldova, Purcari Wineries Group claims to be among the largest wine groups in central and Eastern Europe.
Its portfolio includes Château Purcari and Domeniile Cuza in Molsova, and Crama Ceptura in Romania. It also produces brandy at its Bardar distillery in Moldova.
Purcari has seen changes to both its management and ownership in the past 12 months.
In December, the group confirmed its then CEO Alexandru Filip would exit after he and the Eastern European group “mutually agreed” to part ways.
Company founder Bostan was subsequently appointed chief executive officer.
In July, Polish food and beverage group Maspex acquired Romania-listed Purcari through a voluntary takeover offer valued at 604m lei (then $136m).
The purchase was carried out via Maspex Romania, which had taken a 1.6% stake in Purcari in March. Maspex now holds 72.5% of the company.
Bostan owns 15%, while more than 3,000 institutional and retail investors make up the rest of the shareholder base.
Last year, Purcari Wineries saw group revenue increase 14% year on year to 437.2m lei, while EBITDA in the year rose 7% to 114m lei.
Net profit declined 14% to 50m lei, which was “slightly softer than forecasted”, the group said, due to a loss of 9.3m lei attributed to local operating currency depreciation.
