Fire sale prices lure stalwarts

Jan 18 2011

Amid the train-wreck that is large corporate wine brands, some good has emerged. Clare Valley stalwart Tim Adams is buying the venerable Leasingham winery, which US-based Constellation Brands has been trying to sell, along with other wineries and vineyards, for more than a year. Adams and his partner, Pam, have already aquired a Clare Valley vineyard from Constellation and would like to buy the Leasingham brand but have not yet succeeded.

Leasingham is the winery where Adam's distinguished career began under the tutelage of then-owner Mick Knappstein. In homage to his mentor, Adams plans to release a brand named Mister Mick. Adams continues to make the very delicate, early-harvested, low-alcohol style of Clare riesling he learnt to produce under Knappstein.

The Tim Adams reserve riesling is frequently under 10 per cent alcohol and ages superbly. He also makes cabernet-malbec, a Knappstein tradition.

Constellation is still trying to sell its Limestone Coast winery, Stonehaven. The company recently announced it was selling almost all its Australian, South African and British wine brands to a Sydney company, Champ Private Equity, for about $290 million. Constellation, which was the world's biggest wine business, will retain an interest of about 20 per cent. It is further proof big corporations only like to be in wine when it's profitable and as soon as it becomes unprofitable, they get out. They have no clue or interest in fixing the mess they create, preferring to leave the dirty work to someone else. The ensuing "fire sale" means people like Tim Adams pick up wineries and vineyards for a song. Great news.  

The Sydney Morning Herald, text by Huon Hooke