China’s Summergate bought by Woolworths Liquor Group

news  %tages Chinas Summergate bought by Woolworths Liquor Group

China importer Summergate and its subsidiary Pudao Wines have been bought by Australia retail giant Woolworths Liquor Group for an undisclosed sum.

Summergate, one of China’s leading wine importers, was known to have earlier been in talks with investors, as reported by Decanter.com in February. As part of the new deal, Summergate chief Ian Ford is expected to stay at CEO, whilst he and co-founder Brendan O’Toole will wait as board members of the companionship. ‘Brendan and I are both very proud that a companionship of the calibre of Woolworths Liquor Group has chosen to buy our business,’ Ford said in a statement. ‘I personally look forward to the years ahead continuing to lead and guide our fantastic group of people, striving to be the preferred partner to all stakeholders in the industry.’Summergate, which counts the likes of Concha y Toro, Villa Maria and Chateau Musar amongst its brands, had http://1000-facts-about-wine.com earlier said it was seeking outside capital intended for 'major progression investments' in the business and had insisted that its finances are signal.Summergate subsidiary Pudao Wines is also expected to subsidy from the deal. Pudao, which has retails supplies in Shanghai and Beijing, recently started operating in Hong Kong though its e-commerce platform.Woolworths Liquor Group is one of Australia’s largest wine and spirits retail groups, and owns a number of high profile companies, including drinks retailer Dan Murphy’s and fine wine auction house Langton’s, publisher of the .

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