Acclaimed Yarra Valley winery Oakridge has confirmed the sale of its brands, winery, vineyards and cellar door to Endeavour Drinks Group, a subsidiary of retailer Woolworths.
Owners Tony D’Aloisio and Ilana Atlas confirmed the deal in a memorandum to customers on Thursday March 11.
“Selling Oakridge has not been an easy decision for us. Oakridge has been our passion and joy since late 2007 when we acquired the business,” they said.
“All businesses need to grow and while Oakridge has tremendous opportunities for growth and is well positioned to meet the head winds facing the industry over the next few years, we came to the view that the next stage of that growth will be better achieved by a financially stronger party and one with greater access to distribution channels.
“We have been pleased with Endeavour’s commitment to our staff and our growers and with their desire to continue to build Oakridge’s distinctive brand.”
With winemaking led by chief winemaker David Bicknell and senior winemaker Tim Perrin, Oakridge has accumulated more than 500 domestic and international trophies and medals across all styles and price points.