11 May 2018
Leading Wairarapa wine producer Gladstone Vineyard is entering a new chapter as the business is set to be acquired by Odyssey Capital Group in partnership with Flying Winemaker Holdings Limited.
Odyssey Capital Group is Asia's leading independent alternative asset manager that provides differentiated and bespoke investment solutions across multiple assets classes, one of which is attractive alcohol opportunities in the Asia-Pacific region. The Gladstone Vineyard purchase adds to the group's stable of portfolio companies that the company offers via its sister business, Odyssey Asset Management Ltd, a SFC Type 1, 4 and 9 licensed company.
The Flying Winemaker is a multi-faceted Australasian wine producer founded by award winning winemaker Eddie McDougall.
Under the new ownership, which is subject to New Zealand Overseas Investment Office approval, there is opportunity for significant growth in production, a realignment of the brands under the Flying Winemaker's established partner network and a priority focus on Asia-Pacific distribution.
Christine Kernohan, the current proprietor of Gladstone Vineyard, will stay on as General Manager/Chief Winemaker, along with key Gladstone staff, who will continue to provide significant input into running the vineyard, in conjunction with The Flying Winemaker.
Daniel Vovil says Odyssey is pleased to be working with its long-term client, The Flying Winemaker and to have the opportunity to acquire such an attractive asset with a great team, that is Gladstone Vineyard.
"The acquisition of Gladstone Vineyard further adds to Odyssey's vineyard and alcohol portfolio in the Asia-Pacific region and demonstrates our commitment to the industry and the region."
Christine Kernohan says she is pleased negotiations with Odyssey and Eddie have reached this outcome.
"Having expanded our vineyards from an annual production of 1,000 cases to around 10,000 cases in the past 20 years, we are pleased that Odyssey and The Flying Winemaker see the huge potential of Gladstone Vineyard wines on the world stage."
Eddie McDougall says he is looking forward to building on Gladstone Vineyard's successes.
"It has been a long and detailed process when it came to selecting the right vineyard and region in New Zealand that I felt was going to offer wine drinkers the next big thing. It was important to me that we become custodians of an existing vineyard that showed great promise if it could utilise our winemaking expertise and branded ecosytem. I recognise world-class winemaking businesses are not built in a day and having the chance to take over Gladstone Vineyard with more than 30 years on the books makes this a very special opportunity. My team and I are incredibly excited to become the new custodians of the vineyard as we continue to build on the foundations laid by the Kernohan family and their team."