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Saturday 22 June 2019

Mystery over the future of Yellow Tail producer

Mystery surrounds the future of Casella Family Brands, the owners of Yellow Tail, Peter Lehmann and other leading Australian wine brands.

While the Casella family says its business is not being sold, The Drinks Business in Europe and The Shout have commented following a report in the Australian Financial Review that Casella had hired investment bank UBS “to test the appetite of potential buyers”. 

It suggested a possible price of $500 million. 

Casella Fanily Brands said "it has not begun the process" to sell some or all of its wine business, but  confirmed that it has received a number of approaches from interested parties.

The company said in a statement: “Casella Family Brands has not commenced a sale process for the business.

“There has been strong interest in the sector, driven by the recent sale of Accolade Wines and the rumoured sale of the Pernod Ricard Wine assets, and Casella Family Brands has received a number of approaches over an extended period of time from a range of investors in relation to the Casella Family Brands business.

“The company will continue to invest in the growth of its portfolio of brands including Yellow Tail, Peter Lehmann Wines, Brand’s Laira, Morris Wines of Rutherglen and Baileys of Glenrowan.”

Casella has built a hugely successful business driven largely by its exports of Yellow Tail, which now stand at around 12.5 million cases a year. It has also been buying up other small producers in recent years. 

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