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Friday, 4 September 2020

New owner for historic Katnook Estate

There is no stopping Accolade Wines - already one of the world’s largest producers of new world wines.

Accolade today confirmed the acquisition of Katnook Estate in the heart of the Coonawarra wine region.

Under the terms of the deal with current owner the Wingara Wine Group, Accolade Wines will acquire the historic Katnook Estate brand, winery, cellar door and control of approximately 160 hectares of premium vineyards on the famed terra rossa soils of the Coonawarra.

Katnook’s heritage stretches back to 1896, when the Coonawarra’s second vintage was made in the Katnook woolshed by Scottish immigrant and Australian winemaking pioneer John Riddoch.

Accolade Wines Chief Executive Officer Robert Foye said the acquisition would not only add a much-loved brand to the company’s portfolio but would allow Accolade Wines to secure additional premium wine for the 2021 vintage, underpinning its global expansion and the premiumisation of existing brands including Grant Burge, St Hallett, Hardys and Petaluma.

“As we modernise these brands’ marketing and packaging, innovate into new higher-value product tiers and expand the distribution of these brands globally, we need access to more premium wine,” Foye said.

“In terms of the premium wine-growing areas of Australia where Accolade is investigating opportunities to expand its presence and sourcing, Coonawarra is definitely at the top of the list. Not only is the area a well-known premium wine region inside and outside of Australia, it also produces the kind of rich and balanced red and white varietals that the rest of the world, including China, are thirsting for.”

Coonawarra is Australia’s No.3 region for bottled red wine and Katnook wines have twice won the Jimmy Watson Trophy in Melbourne.

Katnook Estate wines are offered under three ranges: Katnook Founder’s Block; Katnook Estate and the limited-release range of iconic Coonawarra wines from exceptional vintages, including the Odyssey Cabernet Sauvignon and the Prodigy Shiraz.

Foye said that on completion of the acquisition Accolade Wines will review the Katnook brand marketing and packaging, while retaining the brand’s rich heritage and history.

No news yet on who will be the winemaker.

The acquisition is subject to Foreign Investment Review Board approval.

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