Australia’s Casella Family Confirms Outside Interest In Wine Business But Denies A Sale Is In the WorksJune 21, 2019
Casella Family Brands has confirmed that outside investors have expressed interest in its wine business, including the Yellow Tail brand, but countered recent reporting that a sale process is underway. The Australian Financial Review reported that a potential sale could garner in the range of A$500 million ($345m). In a statement, Casella Family Brands confirmed that unnamed investors have approached the company about purchasing its wine brands but said no sale process has been initiated, adding that it will continue to invest in its portfolio.
While Yellow Tail is the largest of Casella’s wine brands, the company’s range also includes Peter Lehmann and Laira, among others. In the U.S., Yellow Tail is handled by Deutsch Family Wine & Spirits, and was down 2% to 7.2 million cases in 2018, excluding its sparkling wines, according to Impact Databank.—Shane EnglishSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.