Hong Kong based wine producer and distributor The Flying Winemaker is to acquire leading Wairarapa wine producer Gladstone Vineyard in partnership with Odyssey Capital Group.
The Flying Winemaker is a multi-faceted wine producer and distributor founded by Australian trained winemaker Eddie McDougall.
Odyssey Capital Group is Asia’s leading independent alternative asset manager that provides bespoke investment solutions across multiple assets classes, one of which is attractive alcohol opportunities in the Asia-Pacific region.
Under the new ownership, which is subject to New Zealand Overseas Investment Office approval, there is opportunity for significant growth in production, a realignment of the brands under the Flying Winemaker’s established partner network and a priority focus on Asia-Pacific distribution.
Gladstone is a small family-run winery, best known for its Pinot Noir. The winery announced that it was up for sale last year, in a deal including 13 hectares of vineyards, winemaking facilities, cafe, cellar door and accommodation facilities.
The asking price was NZD3.3 million plus vine stock, the total sum paid by Odyssey and The Flying Winemaker was not disclosed.
Christine Kernohan, the current proprietor of Gladstone Vineyard, will stay on as General Manager/Chief Winemaker, along with key Gladstone staff, who will continue to provide significant input into running the vineyard, in conjunction with The Flying Winemaker.
Daniel Vovil of Odyssey said they are pleased to be working with its long-term client, The Flying Winemaker, and to have the opportunity to acquire such an attractive asset with a great team, that is Gladstone Vineyard.
He added that the acquisition of Gladstone Vineyard further adds to Odyssey’s vineyard and alcohol portfolio in the Asia-Pacific region and demonstrates our commitment to the industry and the region.
Eddie McDougall of The Flying Winemaker said he is looking forward to building on Gladstone Vineyard’s successes.
He said that it was a very special opportunity to have the chance to take over Gladstone Vineyard with more than 30 years on the books. He and his team were incredibly excited to become the new custodians of the vineyard and would continue to build on the foundations laid by the Kernohan family.