In a major change of key players in China’s imported wine business, Torres China is now acquiring Wajiu-owned Summergate through a partnership agreement.
In a major shake-up of key players in China’s imported wine business, Torres China will now be acquired by Wajiu-owned Summergate through a partnership agreement that aims to “drive the next stage of the imported wine business in China,” according to a joint press release. .
The news was officially announced at a signing ceremony attended today in Shanghai by Alex Li, CEO of Wajiu, the B2B wine and spirits platform, and Miguel Torres, CEO of Familia Torres.
The alliance essentially gives Wajiu control of Torres China, one of the first and largest wine importing companies in China. It came just months after Summergate was acquired by Woolswotth’s Wajiu through private equity firm Gravity Capital for an undisclosed sum, as we reported.
The deal marks a major step for the Beijing-based company, which is apparently on a buying spree to polish its fine wine portfolio as part of preparations for what many speculated would be an exit on the stock market, when its rapid growth over the last decade was mainly. associated with promoting sales of affordable wines.
According to the official press release, the deal will allow Familia Torres to invest in Summergate under Wajiu to “drive the next stage of the imported wine business in China,” and in return, Summergate will acquire Torres China.
Founded in 1999 by Familia Torres as a distribution company in China. It was one of the first importers of Spanish wines in China and in less than 10 years it became one of the largest in the country, representing 400 wines including Vega Sicilia, Joseph Drouhin, Champagne Tattinger and Pio Cesare.
in an interview with Chinese media talking about wine promotion. “The reason beer gained popularity so quickly is because it doesn’t put a dent in the wallet. I think when wine is sold at reasonable prices without the veil of luxury, it will soon become popular.”
Headquartered in Beijing, Wajiu Group provides services including global wine trade, international supply chain, integrated domestic storage and delivery services, wine brand cooperation and promotion and other businesses. It has three subsidiaries, Wajiu International, Wajiu Service and Wajiu China.
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