Australian boutique wine producer Overstory has acquired the Marengo Road vineyard in the Coal River Valley, in Tasmania.
Financial terms of the transaction were not disclosed.
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According to Overstory, this acquisition will enable it to “double” its volumes in Tasmania in the next three years, facilitating “portfolio expansion and growth” both domestic and global markets.
Overstory CEO Paul McArdle told Just Drinks that Marengo Road “has a different terroir to that of the Tamar Valley vineyard, it is much drier and has an excellent pedigree to grow outstanding fruit to produce outstanding wines, evidenced by neighbouring vineyards such as Pooley, Tolpuddle and Domaine A.”
The deal “also provides an opportunity to expand the variety and quality of our wine offering” and “helps to mitigate risk by diversifying our regional footprint”, McArdle said, adding that “the size of the property will facilitate new plantings and future growth”.
The 24-hectare vineyard, planted between 2017 and 2019, features a mix of cool-climate varietals, primarily Pinot Noir and Chardonnay, with smaller plantings of Shiraz, Riesling, Pinot Gris, and Viognier. It presently supplies fruit to other Tasmanian wine producers.
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By GlobalDataFounded in 2018, Overstory owns two Australian wine brands: Small Wonder from the Tamar Valley, Tasmania and Wayfinder from the Margaret River region in Western Australia.
Both brands are distributed domestically and internationally, with key global markets in Scandinavia, and distribution agreements in Indonesia, Singapore, Japan, and Hong Kong.
The company employs more than 50 people.
McArdle said all employees of the Marengo Road vineyard have been given “ongoing employment”, with several moving from casual to full-time roles.
Following the purchase, Overstory is working to convert Marengo Valley into an organic vineyard over the next three years, working alongside viticulturist Dr Dylan Grigg to support this process.
The purchase of the Marengo Road vineyard follows the launch of Overstory’s “state-of-the-art” winery in January 2024.
