Casella confirms buyer approaches
Casella Family Brands (Casella) has told TheShout that it has not begun the process to sell some or all of its wine business, but has confirmed that it has received a number of approaches from interested parties.
The Australian Financial Review said today that it believed Casella had hired investment bank UBS “to test the appetite of potential buyers”.
However the company said today: “Casella Family Brands has not commenced a sale process for the business.
“There has been strong interest in the sector, driven by the recent sale of Accolade Wines and the rumoured sale of the Pernod Ricard Wine assets, and Casella Family Brands has received a number of approaches over an extended period of time from a range of investors in relation to the Casella Family Brands business.
“The company will continue to invest in the growth of its portfolio of brands including [yellow tail], Peter Lehmann Wines, Brand’s Laira, Morris Wines of Rutherglen and Baileys of Glenrowan.”
In terms of those companies who could make such a purchase, The Carlyle Group, which now owns Accolade Wines is seen as a likely bidder, as well as TPG Capital and PAI Partners, who were outbid by Carlyle for Accolade.
Casella has built a hugely successful business driven largely by its exports of Yellow Tail, which now stand at around 12.5 million cases a year.