Yealands Wine Group completes sale of Crossroads Winery
New Zealand-based Yealands Wine Group has closed the divestment of Crossroads Winery in Hawke’s Bay.
Yealands Wine Group has not divulged the financial details, but stated that it will retain control of the brand.
Yealands had earlier stated it is open to sell the winery and its three vineyards separately, reported Thedrinksbusiness.com.
The vineyards consist of the 11ha Home Block vineyard on Korokipo Road, the 59ha Kereru vineyard on Kereru Road, and the 12ha Gimblett Gravels vineyard on Omahu and Mere roads. These vineyards were planted with a mix of Chardonnay, Gewürztraminer, Pinot Gris, Merlot, Syrah, Sauvignon Blanc, Cabernet Sauvignon and Cabernet Franc.
Besides retaining the Crossroads brand, Yealand's existing grape-growing contracts with Hawke’s Bay producers will continue and these grapes will be shipped to Marlborough.
Last July, the company planned to move Crossroads winemaking to Yealands Estate winery in Marlborough.
Crossroads Winery was acquired in 2011 after Yealand’s merger with Ager Sectus, a wine investment firm.
In February this year, Yealands Wine Group appointed Adrian Garforth as chief executive officer (CEO). Garforth replaced Jason Judkins, who was with Yealands for nine years.