Cyprus-based Moldovan wine maker Purcari Wineries announced on Friday a significant move in expanding its presence by signing an agreement to acquire 100% of local peer Timbrus Purcari Estate.
The deal, slated to close within three weeks after signing, will augment Purcari Wineries' foothold in the Stefan Voda Protected Geographical Indication wine region in Moldova with approximately 130 hectares of agricultural land, inclusive of 112 hectares of vineyards in the Purcari village, as outlined in the company's filing to the Bucharest Stock Exchange.
While the specific value of the transaction remains undisclosed, Purcari Wineries emphasized the strategic importance of this acquisition, anticipating a substantial increase in the group's vineyard area to nearly 1,600 hectares. Additionally, the acquisition encompasses all assets of Timbrus, including product inventories and equipment, aligning with Purcari's forward-thinking vision to fortify its supply chain and expedite export sales growth.
"Through this acquisition we secure our supply of high-quality grapes in the Purcari village, to sustain our accelerated growth as we ramp up our export sales. Our Purcari brand grew by almost 30% in 2023 and we are looking forward to years of sustained growth ahead, as we continue to build Purcari into one of the most recognizable and respected wine brands globally. We will apply the highest quality standards to the Timbrus assets, as we integrate them into our Group," said Victor Bostan, CEO of Purcari Wineries PCL.