The Familia Torres winery group has sold its subsidiary Torres China to Summergate, its main competitor in the Asian giant. The agreement calls for Familia Torres to take a 6% stake in Summergate. In a statement, the two companies announced that the collaboration agreement “will unite the two companies in a strategic move to strengthen the positioning of their brands in the Chinese market.” To date they were two of the main importers and distributors of wines and spirits in China.
Familia Torres highlighted that, by joining this new Summergate as a minority partner, it will maintain its presence in China and will participate in strengthening the market position of the brands represented by its subsidiary. Thus ends Torres's solo adventure in China, which began in 1999, joining a company also created in 1999. Summergate, today belonging to the Wajiu group, was owned by Australian capital but has recently been acquired by the investment fund Gravity Capital .
Miquel Torres Maczassek, CEO of Familia Torres, stated that “we are very satisfied with this collaboration with the new Summergate because I am convinced that it will ensure a brighter future for all brands.” In statements to La Vanguardia, Miquel Torres explained that “the Chinese market goes through many challenges in general, and for us it makes more sense to participate in a company that will be a leader in the market.”
Berny Yang, CEO of Summergate Greater China, said in a statement that “the market has evolved, and both Torres China and Summergate see the need to change to take advantage of the great potential.” Alex Li, president and CEO of Wajiu Group, stated that “we highly value the relationship with Familia Torres and we look forward to seeing the synergy that this merger brings.” He added that “we are confident that, in the near future, the Chinese wine market will be a more efficient industry where the interactions of the big brands and the big channel are enhanced by the Internet and information technologies.”
The beginnings of the Torres distributor in 1999 were difficult due to the effects of SARS atypical pneumonia. Initially they invested 1.3 million dollars without return but ended up being one of the most important distributors in the country. Summergate has become an operator representing more than 80 internationally renowned wine and spirits brands. It has a network of ten offices, with about 200 professionals.
