Cramele Recaș has bought another winery in its home country, backing its ambition to hit annual sales of EUR100m (US$111m) in “the next three to five years”.
The Romanian producer, founded by Philip Cox (below) and his wife Elvira in 1998, has received regulatory approval to proceed with the acquisition of Tenuta Odobești winery, in the east of the country. While financial details were not disclosed, this week’s confirmation of the transaction included details of an EUR11m investment in the business by the Coxes to “further grow the family business and reach sales of 50m bottles per year and EUR100m in turnover … “.
Sales in the full year of 2023 totalled EUR72m on volumes of 32m bottles.
The priority for the new purchase will be on the sparkling wine side, representing an extension of the Cramele Recaș proposition in its 23 markets worldwide.
As well as the additional production facilities, the investment will also go towards increased bottling capabilities and warehousing.
According to the business, it is the largest producer of still wine in Eastern Europe, “producing more than the UK’s entire wine production each year”.
