Paternina sells historic brand and cellars15th April, 2014 by Gabriel Stone
Bodegas Muriel has announced its purchase of fellow Rioja producer Paternina’s winery in Ollauri, together with the building’s stocks and flagship Conde de los Andes brand.
According to Muriel, the Conde de los Andes stock amounts to 250,000 bottles of reserva and gran reserva wines, although it described the “core asset” as the building’s calado, a 600m long network of cellars dug into the hillside.
Constructed during the 16th and 17th centuries, the cellars underwent a full refurbishment in 2005. This formed part of a wider investment in Paternina by the Eguizábal family, which bought the La Rioja Alta producer in 1984, although 1998 saw 27% of the company’s shares floated on the Spanish stock exchange. Paternina SA also produces wines in Ribera del Duero and Jerez.
Explaining the motivation behind this deal, which took place for an undisclosed sum, Muriel described its purchase as offering “opportunities of a great interest in the fields of wine tourism, communication and sales.”
This acquisition sees Conde de los Andes join a group that currently produces an average of 12 million bottles per year, with a €35m turnover. Other brands in the portfolio include Eguia, Real Compañia de Vinos and Marqués de Elciego, Based in the Rioja Alavesa town of Elciego, the Bodegas Muriel group owns 100 hectares of vineyard.