Leading Victorian winery, Brown Brothers, has acquired Tasmanian producer Tamar Ridge Estates.
The deal is believed to be worth A$32.5 million (£18.6m) and includes all of the Tasmanian company’s vineyards, wineries and brands including Tamar Ridge, Pirie and Devil’s Corner.
Ross Brown, CEO Brown Brothers, said: ‘The Brown Brothers Board has been carefully considering how global warming may impact our vineyards through drought and high temperatures and recently adopted a strategy to source grapes from cooler areas.
‘This is a very sound business that ticks all our strategic objectives for growth in pinot and sparkling, and at the same time reduces the risk of drought and associated high temperatures and scarcity of water,’ he added.
Dr Andrew Pirie, the chief executive and chief winemaker at Tamar Ridge Estates, is set to retire when Brown Brothers take over.
He told ABC News: ‘I hope to have some kind of guiding role in the future, but it will be up to Brown Brothers to work out the next stage on management.’
Brown Bros is a family-owned company based in the King Valley, north-eastern Victoria and is one of the Asutralian First Families of Wine.
Written by Rebecca Gibb