Greece’s top-performing wine company, Cavino Winery & Distillery S.A. (with a recent annual revenue of €36m), plans to acquire its largest competitor: Greek Wine Cellars / Kourtaki (which reported €25m in revenue in 2023). According to Greek media, based on information from FOODReporter (Boussias media), a member of the fourth generation of the Kourtaki family sought the sale, citing a desire to "step away from the wine industry." Jannis Anastasiou, CEO of Cavino, confirmed the planned acquisition in an interview with the German trade publication Weinwirtschaft.
According to Anastasiou, the purchase agreement has already been signed, and the deal is expected to close within the next two months. Greek media had already reported last summer on a potential acquisition of Greek Wine Cellars (GWC), with the Mantis Group (Alpha Estates, Malamatina Winery, etc.) named as a possible buyer. However, GWC clarified to Weinwirtschaft at the time that these reports were mere rumors. Earlier in 2024, Cavino had acquired the cooperative winery Santo Wines (Santorini) from GWC. In turn, GWC had expanded its island wine portfolio through a strategic partnership with Limnos Organic Wines. According to FOODReporter, the Oenoforos winery of Angelos Rouvalis, which contributed around €1.5m to GWC’s revenue, is not part of the Cavino deal.
Jannis Anastasiou prefers to keep some details of the acquisition terms under wraps. In any event, 100% of GWC’s shares are set to be acquired—although certain financial matters still need to be ironed out. GWC has declined to comment further on the deal, confirming only what has been disclosed and stating that communications will be handled by Cavino. VM/KA
