Spanish wine group Vintae has announced its formal acquisition of Bodegas Riojanas, following a court-approved business restructuring plan.
The transaction, completed through Vintae's holding company, assigns a 90% stake in one of Rioja's oldest producers.
According to Vintae, Riojanas will remain a publicly listed company, with its shares continuing to trade on the Spanish stock market.
“The transaction represents a €12 million investment by Gevisa Wine Capital, following the agreement reached with the financial institutions that adhered to the Vintae completes the acquisition of Bodegas Riojanas and becomes the majority shareholder of the century-old winery,” said a representative from Vintae.
“In addition, Vintae will provide Bodegas Riojanas with a financing facility of up to €5 million to support this new phase.”
As part of the deal, Vintae adds Bodegas Torreduero in Toro and Bodegas Viore in Rueda to its portfolio, in addition to acquiring a 56% stake in a winery in Rías Baixas.
Meanwhile, Ricardo Arambarri Pérez has been appointed Chairman of the Board, while Fernando Martínez Sampedro has been appointed Chief Executive Officer; Isabel García Castellanos and Raúl Acha Salazar join the Board as proprietary directors.
“This transaction represents another important step in Vintae's evolution. Over the past few years, we have built a company with projects that are deeply rooted in their territories, supported by a solid business structure and strong commercial capabilities. That journey is what now enables us to take on a project of this scale with confidence and responsibility,” said Richi Arambarri, CEO of Vintae.
“We begin this new chapter with the utmost respect for the identity of Bodegas Riojanas and with the conviction that we can help drive its future while preserving the value of its history and its brands.”