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S AFRICA: Perfect China acquires Val de Vie assets

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Conglomerate Perfect China has acquired South African winery Val de Vie's wine cellar and an area of its vineyards for an undisclosed sum. 

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In a statement last week, Val de Vie confirmed that Yangzhou-based Perfect has bought its wine cellar, located between Paarl and Franschhoek, and a 25-hectare wine farm, with 21 hectares of vineyards and a manor house. It is believed to be the first investment by a Chinese company in South Africa's wine industry.

The cellar will be used by Perfect Wines of South Africa, a JV formed in 2011 between Hein Koegelenberg, of South African wine producer Leopard’s Leap, and Perfect. The Chinese company has a 51% stake in the JV.

“The Chinese wine market is very important to our industry and this first Chinese investment in the South African winelands is a clear indication of their interest in our wines and can lead the way to a bright future for the export of SA (South African) wine to the east”, said Koegelenberg, chairman of Perfect Wines of South Africa. 

Perfect China already distributes the L’Huguenot wine brand in East Asia via 5,000 depots in China and has infrastructure in Malaysia, Thailand, Hong Kong, Indonesia, Singapore, Taiwan and Vietnam. 

The JV plans to extend the current cellar facilities at Val de Vie and increase the maturation capacity.

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