Australian Yinmore Wines Pty Ltd has bought the Knappstein winemaking facility in Clare from Accolade Wines.
“Yinmore Wines is excited by the opportunity to become the custodian of the historic Clare Valley site,” company spokesman Eric Ma said.
“The company is committed to significant investments in the winemaking at Knappstein winery and similarly, the iconic 40-year-old vineyards with such a rich history of high quality grape production.
“Knappstein’s existing award-winning wine portfolio will be enhanced with well-respected winemaker Mike Farmilo assisting Yinmore Wines with winemaking post completion.”
Yinmore Wines is an Australian incorporated proprietary company and is part of the China-based Yunnan Yinmore Group Co. Ltd (‘YYG’), PRC. YYG is a large corporate group consisting of several subsidiaries with footprints in several industries including agriculture, automobile and property development.
Accolade decided to sell the winery after a strategic review of the Clare business last year.
Under the terms of the agreement, Australian Yinmore Wines Pty Ltd (Yinmore Wines) will acquire the winery, five associated vineyards and the Knappstein label.
Accolade will continue to distribute the Knappstein range of wines until the new owners have determined their sales and marketing strategy.
Excluded from the sale agreement are Accolade’s two remaining Clare Valley vineyards, over which it will retain ownership to ensure supply of prized Riesling grapes to its Petaluma, Hardys and Leasingham brands.
“The sale follows Accolade’s review of its global operational footprint, undertaken to ensure the company is ideally positioned to meet the needs of customers, to adapt to changing market conditions and to take advantage of available opportunities,” Accolade said in a statement.
“As part of the same review, Accolade is considering the potential sale of the Houghton winery in Western Australia’s Swan Valley. The Houghton sale process is continuing.”