IDI, a France-based private equity firm, has sold Quinta da Romaneira wine estate of Portugal’s Douro Valley to an anonymous buyer of South America for $28m, making him the owner of majority stake in the estate.

Meanwhile, a minority investor, Christian Seely has increased his stake by purchasing the remaining interest from other minority shareholders and retained his position as managing director of the estate.

Located on the right bank of the Douro river, the Quinta de Romaneira estate has a total area of 988 acres, which includes 215 acres planted with vines, a winery and a half-underground wine cellar.

The vineyard has over 85 acres planted with noble Douro grape varieties of Touriga Nacional, Touriga Franca, Tinto Cao and Tinta Roriz.

Besides these, it also produces white grapes such as Gouveio, Malvasia Fina and Viosinho, and experimental grapes such as Syrah and Petit Verdot.

The estate produces 80% table wine and 20% port wine. Its annual production touches 12,500 cases which contributes to total annual revenue of around $1.33m.

Quinta de Romaneira has been acquired by many families in the last two centuries, including Oporto-based families, Vinagre family, followed by a group of 12 investors.