Blass blasts Treasury’s American venture

Wolf Blass, the man behind the Treasury Wine Estates brand, has called the company’s US venture a “nightmare from day one”, and urged whoever takes over the company to sell it immediately.

Wolf Blass also said that his brand was as important as Treasury's flagship Penfolds label

Wolf Blass also said that his brand was as important as Treasury’s flagship Penfolds label

Mr Blass said he had told the Treasury’s board over a number of years that it needed to sell the American side of the business because it wasn’t giving enough returns. He maintains that the board refused to listen.

“America has been a nightmare from day one,” Mr Blass told the Sydney Morning Herald.

He also said he cautioned the board – then led by Foster’s Group before it split to form Treasury – against buying US brand Beringer for $2.9 billion in 2000.

“This is going to be the greatest disaster you’ve ever made,” Blass claims to have told them.

With Treasury up for sale and with two strong bids having been proposed in recent weeks, Mr Blass also said that whoever gains control of Treasury should strike off the US wing of the business.

On Monday a second bidder, TPG Capital, threw its hat into the ring with a proposal of $5.20 a share, valuing the company at $3.4 billion. This was the same as a buyout offer presented by KKR and partner Rhone Capital last week.

Industry insiders have said that both Pernod Ricard and Constellations Brands could be interested in taking over the US business, as both want to bolster their presence in the US wine market.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Please note that comments are subject to our posting guidelines in accordance with the Defamation Act 2013. Posts containing swear words, discrimination, offensive language and libellous or defamatory comments will not be approved.

Subscribe to our newsletters

International Sales Manager

Crush Wines Ltd
Home based/Wiltshire office, UK

Head of Marketing

Amathus Drinks Plc
London, UK

Sales Representative - Private Customers

Corney and Barrow
Central Hong Kong, HK

Export Manager UK On Trade

AdVini
Home based in London or the South East, GB

Global Head of Marketing

ATOM Brands
Tunbridge Wells, GB

Sales Executive

Three Wine Men
Home-based but must be available to travel throughout the UK with frequent trips to London, GB

Senior Sales Operations Executive

Enotria&Coe
Park Royal, London, GB

Sales Administrator

Les Caves de Pyrène
Guildford, UK

On Trade & Corporate Accounts Manager

The Champagne Company
Birmingham, UK

Customer Service Assistant

The Champagne Company
Birmingham, UK

Pink Rosé Festival

Cannes,France
7th Feb 2018

VinoVision Paris

Paris,France
12th Feb 2018

Vinisud

Montpellier,France
18th Feb 2018
Click to view more

The Global Pinot Noir Masters 2018

Deadline : 31st January 2018

The Global Organic Masters 2018

Deadline : 12th February 2018

Click to view more

The Global Malbec Masters 2017

the drinks business is proud to announce the inaugural Global Malbec Masters 2017

The Global Sparkling Masters 2017

the drinks business is thrilled to announce the launch of The Global Sparkling Masters.

Click to view more