Two Melbourne-based investors Ben Gray and Dion Hershan have purchased the Australian winery T’Gallant Wines from Treasury Wine Estates (TWE).
The 16-hectare estate deal, which includes 8ha of vineyards, was sold for $9.7 million. Next year, the pair will reopen the cellar door and restaurant at the winery’s location on the Mornington Peninsula by obtaining a license for the T’Gallant Wine brand from TWE.
Treasury Wine Estates will continue to produce T’Gallant’s line of wines after the sale, TWE CEO Tim Ford said.
Kevin McCarthy and Kathleen Quealy, husband and wife winemakers, founded T’Gallant in the early 1990s. Foster’s wine division bought T’Gallant in 2003 for more than $3 million, then in 2011 Fosters’ spun off its wine arm, launching Treasury Wine Estates.
TWE announced in April its permanent closure of T’Gallant and reportedly tried to sell the T’Gallant business in 2015.
One of the oldest French wine estates, Chateau Lanessan, was acquired by TWE in October. The company’s French production capacity for its Penfolds brand was anticipated to double as a result of the acquisition.
