Yellow Tail winemaker Casella Family Brands has denied rumours it is selling its business, telling Food & Drink Business it, “will continue to invest in the growth of its portfolio of brands”.
According to a report in The Australian Financial Review (20 June), Casella Family Brands was rumoured to have hired investment bank UBS “to test [the] appetite of potential buyers” for Australia's largest family-owned wine company, with its sale potentially worth up to $500 million.
A spokesperson from Casella Family Brands told Food & Drink Business:
"In relation to this press speculation, Casella Family Brands would like to advise it 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.”
This follows speculation of Jacob's Creek owner Pernod Ricard Wine selling its assets, which were also denied earlier last month.
