Accolade has sold the Knappstein Wines label and assets to Yinmore Wines.
Knappstein was established by Tim Knappstein in 1969. It currently
produces three core wine ranges, selling 17,000 cases annually.
Yinmore Wines, which is part of the China-based Yunnan Yinmore Group, also purchased 24 hectares of vines in McLaren Vale last year, Wickham Estate.
"Yinmore Wines is excited by the opportunity to become the custodian of the historic Clare Valley site," a Yinmore spokesman told the Northern Argus.
"The company is committed to significant investments in the winemaking at Knappstein winery and similarly, the iconic 40-year-old vineyards with such a rich history of high quality grape production.
"Knappstein's existing award-winning wine portfolio will be enhanced with well-respected winemaker Mike Farmilo assisting Yinmore Wines with winemaking post completion."
The sale includes the historic, heritage-listed brewery building on site, as well as Knappstein Wines four vineyards in Spring Farm and Watervale.
A statement from Accolade said that the company would still have a presence in the Clare Valley wine region.
"Accolade will continue to distribute the Knappstein range of wines until the new owners have determined their sales and marketing strategy," it noted.
"Excluded from the sale agreement are Accolade's two remaining Clare Valley vineyards, over which it will retain ownership to ensure supply of prized Riesling grapes to its Petaluma, Hardys and Leasingham brands.
“The sale follows Accolade’s review of its global operational footprint, undertaken to ensure the company is ideally positioned to meet the needs of customers, to adapt to changing market conditions and to take advantage of available opportunities.
“As part of the same review, Accolade is considering the potential sale of the Houghton winery in Western Australia’s Swan Valley. The Houghton sale process is continuing.’’
The sale of Knappstein Wines follows Accolade Wines selling its historic Stanley winery in Sunraysia to Duxton Vineyards Group earlier this month.
Duxton produces around 60,000 tonnes of grapes a year equating to around 5% of Australia’s total wine grape harvest. It already owns several major vineyards in the Murray Darling region.
Accolade is retaining the Stanley Wines brand in the deal and transfer winemaking from the 80,000-tonne Stanley facility at Buronga in NSW to its Berri facility in South Australia’s Riverland.
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