Wednesday, 21 August 2019

Chinese swoop to buy Knappstein winery and vines

The Knappstein winery and several associated vineyards in the Clare Valley have been sold by global congolmerate Accolade Wines following a strategic review of the business.

Australian Yinmore Wines Pty Ltd (Yinmore Wines), a Chinese-owned company based in Kunming, will acquire the Knappstein winemaking facility in Clare, five associated vineyards and the Knappstein label. No price was disclosed. 



The Knappstein business was in 1969 founded by Tim and Annie Knappstein as Enterprise Wines and has gone through changes of ownership since, including Petaluma, subsequently part of Lion Nathan.

Accolade will continue to distribute the Knappstein range of wines until the new owners have determined their sales and marketing strategy.

Yinmore last year purchased Wickham Estate vineyard in McLaren Vale, also in South Australia.

The Australian subsidiary of Yinmore Sugar, part of Chinese conglomerate Bright Food Group, bought the historic 42-hectare Wickham Estate with 24 hectares of vines for an undisclosed price

Excluded from the new sale agreement are Accolade’s two remaining Clare Valley vineyards, over which it will retain ownership to ensure supply of riesling grapes to its Petaluma, Hardys and Leasingham brands.

The sale follows Accolade’s review of its global operational footprint.

As part of the same review, Accolade is considering the potential sale of the Houghton winery in Western Australia’s Swan Valley. The Houghton sale process is continuing.

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