Accolade confirms sale of another winery
Accolade Wines has confirmed the sale of another of its wineries – Knappstein in Clare Valley – to Chinese-owned company Yinmore Wines, as it continues to restructure production.
Accolade put the winery on the market back in March of this year, confirming the final sale to Yinmore on 21 August. The deal includes the winemaking facility and five 40-year-old vineyards which supply the Knappstein label.
A statement from the company said that despite the sale, Accolade would continue to have a presence in the Clare Valley wine region, retaining its two remaining vineyards in the area which are not included in the sale.
These vineyards supply Riesling which is used in brands including Petaluma, Hardys and Leasingham.
The company said it would continue to distribute the Knappstein range until Yinmore finalises its sales and marketing strategy. The financial terms of the sale were not disclosed.
It added that it was also considering the potential sale of its Houghton winery in Western Australia’s Swan Valley, describing the sale process as “continuing”.
Yinmore is a subsidiary of Yimore Sugar, itself part of Chinese food and drink manufacturer Bright Food Group. Yinmore has already invested in South Australia with the purchase of the 24-hectare Wickham Estate in McLaren Vale last year.
Earlier this month, Accolade Wines confirmed it was also offloading its Stanley Winery in New South Wales to the Duxton Vineyards Group, but said it would retain the brand and move production to its Berri Winery following an AU$40 million investment in the site.