Off-Piste Wines has sold a minority stake to investment firm BGF.
The deal, for an undisclosed sum, would “be used to develop the business’ long-term growth strategy, including the expansion of its wine range and development of new partnerships and international distribution”, said Off-Piste Wines.
Off-Piste MD Andy Talbot said he was “delighted” to be partnering with the firm. “Having an investor with market expertise and that is also invested in our vision for the busines is crucial.”
The deal will also see former Diageo regional president and CMO Andy Fennell join the Off-Piste board as chairman, replacing Jerry Lockspeiser. The brand’s sourcing and supply director, Clem Yates MW is also leaving the business, with a replacement due to be announced next year.
Lockspeiser said: “To grow this brilliant, creative, customer-focused business to the next stage requires different skills from a chairman and I am delighted to be handing the baton to Andy Fennell.”
The Grocer first revealed Off-Piste had kicked off a hunt for investment in March this year, when Off-Piste enlisted advisors Clearwater International.
The news comes on the back of a solid year in the supermarkets for Most Wanted, its biggest brand: sales grew a whopping 41.4% year on year, rising £5.1m to £17.6m, on volumes up 50.8% [Nielsen 52 w/e 7 September 2019].
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