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Yealands completes sale of Crossroads Winery
New Zealand’s Yealands Wine Group has completed the sale of its Crossroads Winery in Hawke’s Bay to an as yet unknown buyer, but will retain control of its brand.
The Crossroads Winery in Hawke’s Bay was acquired by Yealands in 2011
Yealands acquired the Crossroads winery in 2011, following a merger with wine investment firm Ager Sectus. Since then it has worked to expand the brand internationally, but in 2016 decided the “next logical step” was to relocate its production to the Yealands Estate winery in Marlborough. In 2016, the group put Crossroad’s vineyards, winery and cellar door up for sale, choosing to retain its brand.
The group announced today (12 June) that the Crossroads Winery had been sold, but did not reveal who the buyer was, or if its vineyards were part of the deal. Yealands had previously stated would be willing to sell the winery and its three vineyards separately.
Its vineyards had comprised of the 11 hectare Home Block vineyard in Korokipo Road, 59 hectare Kereru vineyard in Kereru Road, Maraekakaho, and a 12 hectare Gimblett Gravels vineyard on Omahu and Mere Roads, planted with a mixture of Pinot Gris, Chardonnay, Gewürztraminer, Sauvignon Blanc, Merlot, Syrah, Cabernet Franc and Cabernet Sauvignon.
The Crossroads brand, business and existing stock, in bottles, barrel and tank, will be retained by Yealands, with existing grape-growing contracts with Hawke’s Bay producers set to continue, with grapes being transported to Marlborough.
“Yealands Family Wines are committed to producing high quality, sustainable wines in their purpose-built state-of-the-art winemaking facility. In moving Crossroads winemaking to Yealands Estate these practices of quality and sustainability will naturally carry-through to the Crossroads brand.
“The goal for Crossroads to further establish a strong global brand, anchored by quality and heritage, can now begin. The ability to utilise the state-of-the-art winery, expanded grower sourcing, and increased resource in expert winemaking, will help to ensure Crossroads’ continued success both in New Zealand and abroad.”
Financial terms of the deal, or the buyer, were not disclosed.