We are entering what I consider peak bloody mary season. I love making them just as summer winds down, using heirloom tomatoes (after the initial thrill of tomato season wears off). Here you have a vibrant, bold, bloody mary made with fragrant herbs, yellow heirloom tomatoes, shallots, and a bit of kick from the vodka and serrano pepper. It’s the bloody mary I want to drink, and I suspect you’ll love it too!
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It is understood potential buyers have been told the business makes about $50 million a year at the EBITDA line, and would likely be worth about $500 million based on other transactions including the $1 billion sale of Accolade Wines last year.
Casella Wines Pty Ltd, which is the family’s wine operating business, reported $473.5 million revenue and $31.1 million in profit after tax in the year to June 30, 2018, according to accounts filed with the corporate regulator.
Profit nearly halved in the 2018 financial year from $61.9 million one year earlier, the accounts said. Casella Wines had net assets worth $473.5 million as at June 30, including wine inventory worth $227.6 million and property, plant and equipment worth another $140.9 million.
The Casella shareholders’ deliberations come as private equity firms take a close look at another well-known Australian wine label, Jacobs Creek, which is up for sale as part of a wider portfolio owned by French company Pernod Ricard.
The firms understood to be taking an early look at the Pernod Ricard assets include The Carlyle Group, which now owns Accolade Wines, and underbidders at Accolade including PAI Partners and TPG Capital.
Sources reckon it could make sense for whoever buys the Pernod Ricard assets to seek to combine them with Casella’s operations, in an effort to create a larger wine business with strong domestic and export brands. Similarly, it could be added to the Accolade portfolio, which includes brands like Hardys and Banrock Station.
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