Peter Lehmann Wines acquisition completed
NSW-based Casella Family Brands has completed its acquisition of Peter Lehmann Wines, saying it plans to unlock the Barossa winery’s “full potential” with an increased presence in the domestic and international markets.
However, Casella – best-known for its mass market Yellow Tail brand – said it would respect the legacy upon which the label was founded by the late winemaker and “Barossa baron” Peter Lehmann.
Peter Lehmann died last year at the age of 82 and his eldest son Doug, who managed the business from 1990 to 2010, died suddenly of a heart attack in June this year.
Casella last month announced that it had made an offer to buy 100 per cent of the shares in Peter Lehmann Wines, and that majority shareholder Hess Family Wine Estates (HFWE), of Switzerland, and substantial shareholder Margaret Lehmann intended to accept the offer.
The transaction was completed today following the end of a period of confirmatory due diligence following the submission of the offer for consideration by all shareholders.
Margaret Lehmann, Peter’s widow, has welcomed the acquisition.
“It’s time for PLW to move to the next stage in its evolution,” she said in a statement today.
“It has had at times a turbulent corporate history, and I am delighted that it is finally in private family ownership.
“I believe it will continue to flourish because the patient capital of private ownership is better suited to the cyclical nature of the wine industry, which is after all an agricultural industry.”
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John Casella, managing director of Casella Family Brands, described the partnership as a “perfect fit”, but said a transition period would be required to integrate the two companies.
“As this is only the beginning of the process, we ask for the patience of all stakeholders as we work through the merger.
“Our focus for the New Year will be to deliver a successful 2015 vintage.”
The same week the acquisition offer was announced in November, the youngest brother in the Casella family, Marcello, faced court in New South Wales over his alleged involvement with a drug syndicate.
Marcello Casella was previously a director of Casella Family Brands, but ceased holding the position after a police raid on his property in February this year, with a reported statement from the family saying the court matter would have no impact on the family business.
