Scott Street Portfolio to Become Avanti Fine Wine Selections
Under the terms of the agreement, Managing Partners Clark and Buckley have acquired an 80% ownership of Avanti; Evans & Tate Wine Group will retain the remaining 20% share.
13/03/07 Evans & Tate Wine Group of Australia has announced their plan to sell a controlling interest in premier importer Scott Street Portfolio, Inc. to their U.S. partners. The new company will be known as Avanti Fine Wine Selections LLC (Avanti), and has been acquired by Managing Partners Mitch Clark and Jim Buckley, previously with Scott Street Portfolio.
Under the terms of the agreement, Managing Partners Clark and Buckley have acquired an 80% ownership of Avanti; Evans & Tate Wine Group will retain the remaining 20% share. Based in Lafayette, California, Avanti is a national importer, and holds the exclusive U.S. marketing and distribution rights to premium Australian wine producers Evans & Tate from the Margaret River region of Western Australia, Oakridge-Over the Shoulder in the Yarra Valley of Victoria, Peter Rumball, Simon Hackett and Tapestry from South Australia. Avanti has also announced plans to significantly diversify their portfolio to include boutique domestic wines from California, Oregon and Washington State, and imported wines from France, Spain, Italy, Germany, Austria, and South Africa.
"We have great confidence in Avanti's management team and will support them fully in their efforts to continue to build Evans & Tate in the U.S. market," comments Martin Johnson, Managing Director, Evans & Tate Wine Group. "Mitch Clark and Jim Buckley have a proven track record, and we look forward to being part of their dynamic plans for Avanti."
Clark and Buckley, formerly of Robert Mondavi Corporation and Folio Wine Company, will oversee a national marketing and distribution force, and are projecting to expand the Avanti portfolio from its current base of regional Australian wines to other world wine regions in the coming months. According to Clark, "We are interested in finding wines that reflect their origin. Within each appellation, we hone in on sub-appellations that fit a specific niche in the market. We're not a company that collects brands; we have a more selective approach and literally handpick our wines."
Adds Buckley, "Avanti is not interested in competing with the deep-discounted segment of the market. Instead, expect to discover beautiful, small-production wines that offer value and quality."
