Hong Kong-based asset management company Odyssey Capital has partnered with Flying Winemaker Holdings to acquire New Zealand’s Wairarapa wine producer Gladstone Vineyard for an undisclosed sum.

Flying Winemaker Holdings is an Australian wine producing firm and was founded by winemaker Eddie McDougall.

Odyssey Capital Group co-founder and president Daniel Vovil said: “Odyssey is pleased to be working with its long-term client, 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.”

Upon completion of the deal, Odyssey Capital intends to retain key Gladstone staff along with its present proprietor Christine Kernohan.

Kernohan will stay in the company as general manager and chief winemaker and will work with Flying Winemaker staff.

Odyssey Capital is planning to increase the production capacity of Gladstone Vineyard as well as realign the brands under the Flying Winemaker’s established partner network and focus on Asia-Pacific distribution.

“Odyssey is pleased to be working with its long-term client, Flying Winemaker and to have the opportunity to acquire such an attractive asset with a great team.”

Kernohan said: “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 Flying Winemaker see the huge potential of Gladstone Vineyard wines on the world stage.”

McDougall said: “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.”

The completion of the deal is subject to New Zealand Overseas Investment Office approval.