Paragon Wine Estates (part of Endeavour Group) has announced the acquisition of Oakridge Wines, the fifth brand to join into its premium wine portfolio.
The purchase of Oakridge Wines includes the brands and the Yarra Valley winery, vineyards (20.8 hectares, and another 16.6 hectares leased) and its grape grower relationships as well as award-winning restaurant and cellar door.
The addition of Oakridge Wines expands the Paragon Wine Estates regional coverage with award-winning brands across five premium key wine regions in Australia and New Zealand; Oakridge Wines (Yarra Valley), Chapel Hill (McLaren Vale), Isabel Estate (Marlborough, NZ); Krondorf (Barossa Valley), and Riddoch (Coonawarra).
“We are thrilled to welcome Oakridge Wines to our Paragon family and look forward to enjoying the magic that the winemaking team led by Chief Winemaker David Bicknell will create in vintages to come,” said Endeavour Group’s Managing Director Steve Donohue (below).
“Personally, it’s great to have strong support and encouragement to continue 20 years of work at Oakridge, to continue to make wines the way they should be made, and to build on our reputation as sustainable farmers,” said Chief Winemaker David Bicknell.
“Joining such a large drinks business will enable us to further improve Oakridge’s fine wine credentials and realise the full potential of our vineyards and our team.”
Established in 1979, Oakridge Wines has under the D’Aloisio and Atlas family-run ownership grown to become an internationally recognised wine producer of award-winning wines and a popular Yarra Valley destination. Oakridge Wines has accumulated more than 500 domestic and international trophies and medals together with many awards for hospitality at its architect-designed facility.
Paragon Wine Estates was established in 2019 following the acquisition of McLaren Vale’s Chapel Hill winery. At the time, Donohue said it was an “important step in further enhancing our wine business ahead of the proposed transition of Endeavour Drinks to a stand-alone business after the planned merger with ALH in 2020”.
Woolworths Group CEO Brad Banducci announced in February that the $10 billion spin-off of Endeavour, which was postponed last year due to the pandemic, was now expected by June.
“We’re now engaging again on the demerger – in that process we’ll consider all value accretive options,” he said.
Woolworths will consider potential capital management, such as a share buyback or capital return, once it has established the right capital structure.