Constellation Wines is selling Goundrey Wines in Western Australia’s Great Southern region for almost AUS$9m.
The sale compares with the AUS$62.5m Canada’s Vincor paid for the winery, four vineyards and the brand in 2002.
This deal does not include the Goundrey brand name: Constellation is selling the vineyards and winery only.
Constellation acquired Goundrey when it took over Vincor in 2004.
‘Vincor paid a huge price,’ a source close to the latest sale transaction said today, ‘and times are tougher now.’
West Cape Howe, at Denmark, also in the Great Southern region of Western Australia, has bought the 7,000 tonne winery and vineyards, having outgrown its 1,000-tonne winery.
Goundrey was founded in 1971 by the Goundrey Family, later being bought by Perth businessman Jack Bendat.
West Cape Howe was founded in 1996 by former Goundrey winemaker Brendan Smith and his wife, Kylie, and is now owned and managed by Gavin Berry, two Perth businessmen and viticulturalist Rob Quenby.
Selling agent, Gaetjens Langley, is also marketing two other Constellation-owned wineries, the 115-year-old, 4,500-tonne Leasingham winery at Clare and the 10-year-old, 12,000-tonne Stonehaven winery at Padthaway.
Written by Chris Snow