Ganevat Sold / New Investor?

Lots of noise about this on social media today - I haven’t seen anything authoritative, anyone know?

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Alexander Pumpyansky, russian business man, owner of Prieuré St Jean Bébian.

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what a disappointment

It will be interesting to see what happens. If the rumored purchase price is true I think it could be a steal depending upon what vineyards come with it.

It’s a disappointment no matter what that Russian oil money is buying up wineries and vineyards in the Jura.

What is the rumored purchase price?

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It is really sad, but not that surprising i guess. So many different rumours at the moment, so let’s wait and see what the deal really is. Is he staying for a few years? Is he really going to Burgundy? Is he retiring? etc…

Did not the Widow Cliquot say after Napoleon’s last battle with the Russians, “Today they drink for free, tomorrow they will pay.”

How prophetic champagne.gif !

[soap.gif] [swearing.gif] hitsfan

I’ve heard secondhand, from a reliable source, that the entire domaine was sold and Ganevat will stay on for a while. It’s a bummer, but at the price I heard, I can understand selling.

No longer a fan-fan.

He’s actually the son of the majority shareholder of TMK, which is not an oil company but rather produces steel pipes used for hydrocarbon transport that are used in 80 countries around the world. They had a major US division before selling it off in 2019. And believe me, it’s one of the better-run companies in Russia. Their board of directors includes several of Russia’s dwindling supply of liberals (Shokin and Chubais) and several western investment bankers. They take compliance issues seriously, which I know because they have hired me four or five times to give compliance-themed presentations to their board of directors (where I briefly met Pompyanskiy père et fils). Alexander himself is a French speaker and an oenophile (think about it – if you were an obtuse Russian oligarch looking for a trophy French estate to buy, would you go to the Jura or to Bordeaux?).

Don’t get me wrong, I would prefer that leading French estates stayed in the families of the farmers and vignerons that built them up. However, if the alternative is ownership by a French insurance company or luxury brand, or a Chinese or American multimillionaire entrepreneur, well then certainly the new owner of Ganevat is no worse. Ultimately, the proof will be in the bottle.

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Ganevat now seems to have an IG account and posted this open letter today (translation from Google):

For several weeks now, speculations about the sale of our domain have been popping up on the internet, via social networks and others.

Anne and I are not very attached to what will be said, but some concerns expressed on the part of beautiful people met in the past in salons, at the estate, or elsewhere …, always around good people. wines, did not leave us completely indifferent. It is in particular for these close friends, these passing friends and these enthusiasts, always respectful of our work, that I wish to present on behalf of Anne and myself, our project.

I am 52 years old, I am at a period in my life where I am thinking of transmitting. I’m not old, but the profession of a peasant winemaker is human-based. If something happens to me tomorrow, selling the vines would not be a problem, but finding people able to continue the work done, both on the estate and for the business, would be. Good transmission is prepared long in advance. Through this transmission project, I am also very careful not to disrupt the wine market in the Jura.

For several years, I have often been approached to sell the estate but I was never convinced by the projects that were proposed to us. So yes, in September 2021 we sold our estate to Alexander Pumpiansky. I hear here and there that he is of Russian origin, sometimes as a reproach! It’s true he’s Russian, but as far as I’m concerned, that’s not how I call human. He lives close to us and above all his human qualities, his knowledge of wine and winegrowers seduced me. He became a friend thanks to his simplicity, his passion and his humility.

Since 2008, Alexander has owned the Prieuré Saint-Jean de Bébian estate in Languedoc, where he carried out titanic work in the vines and in the cellar. He knows the business, he has worked to convert the estate to organic and biodynamic, and believe me, it’s not nothing

What also appealed to me about Alexander was the project for the estate: he first asked me not to change anything, then together we planned. We are going to redesign the buildings on the estate to provide more suitable spaces. We will also focus on improving our winemaking methods through continued long aging and the integration of additional patina. This has been going through my mind for a long time.

Through this project, the goal for me is to continue this great adventure. My ties are here, in the vineyards. I will continue to be there every day for the estate and the business as it is today. There are many micro-plots, small vintages, it is essential that I pass on my know-how; it will take several years. Regarding the life of the estate, the employees remain, my sister Anne and her daughter Clémence as well.

Dear friends, nothing will change in practice, the passion is intact, but at 52 years old, this is the opportunity for me to focus on what I love to do: vinify! Free my mind and who knows, open myself to other opportunities, such as that of vinifying in other regions. Above all, this project is for me the most beautiful way to ensure the transmission of family work to a person in whom I have complete confidence.

Jean-Francois

Anne has had an IG for a while.

This was somewhat laid out in a recent interview.

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Thanks, Russell. Interesting interview. Jean-Francois quoted a price of €48k per hectare, which would put the purchase price at just over €400k (apparently Ganevat owned only 8.5 hectare). I’m assuming there must have been extra for the winery/brand, because that seems insanely low.

the real question is this tho; will there be greater or fewer oddball negoce cuvees, and will they be more or less wild than before? [rofl.gif]

I hear the Domaine is up for sale again following the sanctioning of the new owner

Guess all good things (or tax writeoffs) must end…

If assets are frozen they might not be allowed to sell. A sale was stopped in UK for the football club Chelsea for same reasons.