SPAIN: Freixenet on acquisition trail with 60% in Oz winery
Spain's leading Cava exporter, Freixenet, has confirmed the purchase of 60% of the Wingara Wine Group, the owners of Riddoch Estate, Katnook Estate and Deakin Estate wineries.
After two years of negotiations, Freixenet has paid Euro21.57m () for its controlling stake with the remaining 40% remaining in the hands of David Yunghanns and his sister, Sarah. Yunghanns remains as managing director of the Australian company.
Wingara has been making wine for over 30 years and has over 1000 hectares of vineyards in Coonawarra and Mildura. Annual production is around 360,000 cases with 50% exported mainly to the US, UK and Canada. In the medium term, the company expects that these sales will be made through the existing Freixenet sales network.
Freixenet CEO Jose Luis Bonet also confirmed that its negotiations to acquire a Bordeaux winery were very far advanced and that an announcement would be made within weeks.
Additionally, discussions with a Rioja winery were also advancing positively and Freixenet hoped to make a satisfactory conclusion to the negotiations before the end of the year.
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