One of the highest-profile cellar doors in the Adelaide Hills is changing hands with Tomich Wines taking over the Nepenthe tasting facility.
Australian Vintage Limited, which owns the Nepenthe brand, has announced the sale of its Adelaide Hills cellar door site and vineyard for $5 million to Woodthall Pty Ltd and Adelaide Wine Co Pty Ltd (Tomich Wines).
The deal will be finalised on November 9.
Australian Vintage will retain full ownership of the Nepenthe brand and has established a grape supply contract with Tomich Wines for vintage 2027 to ensure quality supply as the brand transitions to regional sourcing.
The decision is "consistent with the company moving towards an asset-light, brand-focused business model that aligned with the company’s long-term strategic goals removal of loss-making business units and a continued focus on debt reduction and steadfast commitment to enhancing shareholder value" the statement said.
“As wine tourism continues to decline, loss-making cellar doors do not add the value they once did," Tom Dusseldorp, the Australian Vintage CEO said.
"The sale of this asset can return cash to the business so the company can pay down debt and generate long-term shareholder value whilst maintaining high-quality standards.
"We will still be sourcing great quality wine from the premium Adelaide Hills region for Nepenthe."
