Bright Food’s Deal For Bordeaux Negoçiant DIVA Strengthens China-France ConnectionJune 27, 2012
In the first-ever acquisition of a Bordeaux-based negoçiant by a Chinese company, Bright Food group has purchased a 70% stake in Distribution Internationale de Vins et Alcools (DIVA). Financial details of the deal, which was transacted by Bright Foods subsidiary Shanghai Sugar Cigarette & Wine, weren’t disclosed.
DIVA had sales of 33 million euros ($41m) last year, with China accounting for an estimated 50% of that total. Bright Food’s distribution clout is likely to expand the Chinese share significantly. The deal also reportedly calls for a new, single-chateau Bordeaux wine to be made specifically for China. DIVA’s chairman and founder Pierre Beuchet, as well as managing director Jean-Pierre Rousseau, will stay on for a minimum of five years.
Last summer, Bright Food was rumored to be interested in acquiring Australia’s Treasury Wine Estates, in what’s been estimated as a $3 billion deal. According to a recent report in the Sydney Morning Herald, Chinese businessmen and investors are believed to have acquired dozens of small Australian wineries over the past 18 months—spending between $3 million and $10 million per winery—with the goal of boosting their access to Australian grape supply.
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