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Summergate, China’s leading wine importer and distributor has been sold

Summergate, China’s leading wine importer and distributor has been sold

China’s leading wine and spirits importer and distributor, Summergate, which was acquired by Australian group Woolworths in 2014, has been sold to Gravity Capital, an Asia-based private equity firm, for an undisclosed sum, the report said. Woolworths group.

Wine in China suffered in 2022, particularly the traditional channels.

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The official announcement came after speculation of the sale began to surface in the wine trade?

Two Asian Chinese Couples or friends or business people toasting during dinner or lunch in an elegant restaurant with red wine glasses

According to Woolworlds, the group has been in discussions with a third-party Chinese internet seller for the past few months and then entered a period of exclusive discussions.

The buyer turned out to be Gravity Capital.

Little information can be found about the company, but Woolworths says it “represents a group of private investors in Asia with extensive experience in the wine and spirits industry”.

According to its website, the importer exclusively represents more than 60 brands to clients in Hong Kong, Macau and mainland China.

DATE: End of March 2023

The sale comprising Summergate Fine Wines & Spirits and its Pudao retail business is expected to be completed in March this year.

The investment in Summergate reflects their positive outlook for the Greater China wine and spirits market and they expect to be able to bring relevant industry knowledge and resources to support Summergate’s continued development and future growth.

Summergate & Pudao are well positioned for long-term success with an experienced team working in China’s wine and beverage industry, enabling Summergate to unlock its full potential as one of China’s leading beverage companies. Greater China, able to pursue its business strategy with the flexibility to invest and respond to changing consumer behaviors and wine industry conditions.

Summergate was founded in 1999 and has become one of China’s leading wine and spirits importers. In 2014 it was sold to Woolworths for US$25 million.

*ASC Fine Wines was sold to Japanese Suntory in 2009 and EWM Wines is partly owned by Japanese private equity firm Cool Japan Fund Inc.