Wine, Vines, and Value: The Emerging M&A Opportunity in South-East European Wine

As global wine consumption declines and US tariffs reshape trade flows, South-East Europe — long overlooked by international investors — is quietly becoming the sector's most compelling frontier. This article examines the deal landscape, the acquirer profiles, and the legal complexities confronting buyers in Romania, Bulgaria, and Greece.

 

1. Introduction

The global wine industry stands at a critical juncture. Consumption has fallen to its lowest level since 1961, deal volumes sunk to lows not seen in over a decade in North America and even longer in Europe, and US tariffs imposed in 2025 have injected fresh uncertainty into transatlantic trade flows. Yet paradoxically, the aggregate value of European wine transactions has risen sharply — buyers are doing fewer deals, but the deals they are doing are larger, more strategic, and more purposeful.

Against this backdrop, South-East Europe merits particular attention. Romania, Bulgaria, and Greece — three EU Member States with deep viticultural traditions, indigenous grape varieties of growing international renown, and land costs a fraction of those in Tuscany or Bordeaux — have experienced a wave of consolidation activity over the past six years that has largely gone unnoticed outside the region. From Poland’s Maspex Group launching a landmark public takeover of Bucharest-listed Purcari Wineries, to the Antetokounmpo family investing in Greek wine alongside Greek-Swedish property developers, to Purcari’s own cross-border expansion into Bulgaria, the region’s deal flow tells a story of strategic repositioning that sophisticated investors would do well to understand.

This article surveys the M&A landscape across all three countries from 2019 to 2025, situates it within wider European and global trends, and provides a practical legal framework for buyers contemplating entry into the region.

 

2. Industry Trends Affecting M&A Attractiveness in South-East Europe

2.1 The State of European Wine M&A: Fewer Deals, Bigger Bets

European wine and spirits M&A activity reached its lowest deal count since 1998 in the first nine months of 2025, with only 38 sector deals recorded. North America mirrored this decline, with dealmaking sinking to an 11-year low of 39 transactions. Ultimately, the beverage alcohol industry appears to have completed just 51 major acquisitions globally in 2025 (of which only 13 in wine), down from 55 in 2024, reflecting what one adviser described as "a meaningful reset for beverage alcohol M&A".

Yet aggregate deal value has grown more than threefold year-on-year. Large-scale transactions exceeding USD 500 million in enterprise value comprised the highest proportion of total disclosed deals on record. Average EBITDA multiples in the beverage sector remained healthy at 12.2x across 2024–2025, with buyers continuing to award premium prices to quality targets in attractive niches. The message is clear: the era of broad portfolio-building is over. What remains is a market that favours scale, strategic clarity, and brands with proven consumer traction.

2.2 Tariffs, Consumption Shifts and Premiumisation

Three structural forces are reshaping the competitive landscape. First, US tariffs — a 15% levy on European wine imports imposed in 2025 — have disrupted established trade flows and forced European producers to reconsider their dependence on the American market. Second, global wine consumption continues its secular decline, driven by health-consciousness, the rise of no- and low-alcohol alternatives, and changing demographics: younger consumers drink less frequently but seek higher quality when they do. Third, premiumisation — the "drink less, drink better" trend — has been a major driver of value growth even as volumes contract. Fine wines account for just 1.5% of volume but 11% of value globally, and the most sought-after acquisitions are those offering scarcity-driven pricing, luxury branding, and direct-to-consumer channels. However, industry experts are increasingly questioning whether premiumisation can remain sustainable in the future, with the current pricing of super-premium wines limiting further growth.

For South-East Europe, these forces create a nuanced opportunity. Interestingly, Romania shows a different trajectory than the ongoing trend on wine consumption, recording an 11.0% increase in wine consumption compared to 2024, and remaining 14.3% above the five-year average. Additionally, the region's producers are largely insulated from direct US tariff exposure (unlike the major French, Italian, and Spanish exporters whose American sales are most affected). At the same time, indigenous varieties such as Romania's Fetească Neagră and Crâmpoșie Selecționată, Greece's Assyrtiko and Xinomavro, and Bulgaria's Mavrud offer precisely the kind of distinctive, terroir-driven narratives that premiumisation-oriented consumers and investors seek.

2.3 Climate Change: The Long-Term Structural Tailwind

Perhaps the most powerful — and least discussed — driver of future investment in SEE wine is climate change. As traditional Mediterranean wine regions face mounting heat stress, water scarcity, and declining yields, parts of Eastern Europe might be the beneficiaries of shifting viticultural suitability zones. Romania's southern regions are favourable for premium red varieties, while its northern areas better suited for aromatic whites and Pinot Noir. Greece's higher-altitude vineyard sites are gaining a competitive edge as lower-lying Mediterranean areas struggle.

Critically, land costs in SEE remain a fraction of those in established European wine regions. In Bolgheri, prime vineyard land commands EUR 250,000–1,000,000 per hectare; in Santorini, EUR 300,000–500,000. Romanian and Bulgarian vineyard land, by contrast, can be acquired at a small fraction of these figures. For investors with a long-term horizon, early positioning in SEE viticulture offers a compelling risk-adjusted proposition.

2.4 Who Is Buying? Intra-European Consolidators, Distribution Platforms, and Cautious Private Equity

The most likely acquirers for SEE wine assets are not Southern Hemisphere producers or US giants — whose expansion strategies remain focused on luxury Californian, South African and Australian assets — but rather intra-European consolidators. Poland's Maspex, Germany's Schloss Wachenheim, Sweden's Viva Wine Group, Finland's Anora, and Spain's CVNE and Felix Solis Avantis are examples of trade players seeking scale, portfolio diversification and cost-competitive sourcing within Europe.

Private equity remains cautious but interested. PE deals in the beverage sector fell 30% year-on-year in 2025, yet dry powder remains abundant, and industry observers report "mounting PE appetite" reflected in increased outreach to consumer business owners. The pending strategic review of Carlyle's 68% stake in Spain's Raventós Codorníu — where the business doubled its profitability under PE ownership — may set a valuation benchmark that encourages sponsors to look at lower-entry-price platforms in SEE.

Distribution platforms represent a further avenue. Viva Wine Group’s acquisition of a stake of approximately 89% in Netherlands-based Delta Wines in May 2025 for EUR 57 million illustrates the build‑out of pan‑European distribution models, while broader FMCG players such as Maspex—combining brand ownership with extensive regional distribution—highlight a parallel hybrid strategy. Such platforms require differentiated wine sourcing, and SEE—with its distinctive grapes and competitive pricing—naturally positions itself as an attractive supply base.

 

3. Country Profiles

3.1 Romania: the region's most active M&A market

Romania has been one of the most active wine M&A markets in South‑East Europe over the past six years, driven in large part by Purcari Wineries—a Cyprus‑incorporated issuer listed on the Bucharest Stock Exchange (BVB: WINE)—and its systematic "buy‑and‑build" programme across Romania and Moldova. Purcari executed a series of acquisitions spanning vineyard assets in Dealu Mare (2021, 2024), the Timbrus Purcari Estate (2024) and Les Terres Noires (2025) in Moldova, steadily building the region's largest vertically integrated wine platform. As a result, the group expanded its Dealu Mare footprint to over 100 hectares.

The landmark transaction was the 2025 voluntary public takeover bid by Poland's Maspex Group, which acquired just over 71% of Purcari’s share capital at RON 21 per share, implying a total equity value of approximately RON 850 million (approximately EUR 170 million). The deal was the largest disclosed wine transaction in Central and Eastern Europe during the review period. Competition clearances were obtained from Romania, Bulgaria, and Moldova by late 2025.

Beyond Purcari, Germany’s Schloss Wachenheim AG (through its Romanian subsidiary Zarea) expanded into local still wines by acquiring a majority stake in the Domeniile Dealu Mare Urlați (DDMU).

At the same time, Vintruvian Estates pursued a clear buy‑and‑build consolidation strategy in Romania’s premium wine segment, anchored by a foundational acquisition in 2019 and followed by targeted regional expansion. The group’s core platform is built around Via Viticola Sarica Niculițel, producer of the Caii de la Letea range, one of Romania’s most recognised ranges, which predates its expansion into Dealu Mare. In 2019, Vintruvian entered Dealu Mare through the acquisition of the assets of Vinarte, including the Prince Matei brand and Villa Zorilor winery, subsequently reorganised into the Crama DeMatei platform. This was followed in 2023 by a second wave of transactions, comprising the acquisition of Crama Mennini (later rebranded Olterra) and a majority stake in Crama Histria, extending the group’s footprint into Drăgășani and Dobrogea. Through these acquisitions, Vintruvian has assembled a geographically diversified portfolio across key Romanian wine regions, positioning itself as a domestic premium consolidator with a multi‑platform production base and a focus on higher‑end labels.

Into 2026, Purcari further strengthened its Romanian platform announcing the acquisitions of SERVE Ceptura—Romania’s first private winery established after 1989—and CaraprodVin in Vrancea.

3.2 Bulgaria: Under-Explored but Strategically Positioned

Bulgaria's wine M&A market appears to be the quietest of the three countries, with one major transaction standing out, namely Purcari Wineries' acquisition of 76% of Angel's Estate near Stara Zagora in September 2022. The deal was Purcari's first entry into Bulgarian production. Bulgaria's relative inactivity belies its potential. The country has extensive vineyard resources, no excise duty on wine, and EU membership providing access to funding and investment support. However, the sector has suffered from chronic under-investment since the post-communist transition and a declining vineyard surface area (down 6.5% in 2024 alone). These factors might have kept deal flow subdued, but they also mean that entry valuations remain very low — an attractive proposition for patient capital.

3.3 Greece: A Consolidation Wave in Motion

Greece's wine sector has experienced the most dramatic transformation of the three countries, with two competing consolidation poles emerging in rapid succession.

The most prominent consolidator is Hellenic Wineries S.A., led by the Swedish‑Greek Georgiadis brothers (Ilias and Thomas) through Sterner Stenhus and its listed real estate vehicle Premia Properties. The group emerged in 2022 through the restructuring acquisition of Boutari—one of Greece’s most iconic wine producers with more than a century of history—under a model separating real estate ownership (transferred to Premia Properties) from production and commercial operations (managed by Hellenic Wineries). In September 2023, NBA star Giannis Antetokounmpo and his brothers, through Ante Inc., acquired approximately a 10% stake in Hellenic Wineries, reinforcing the group’s growth ambitions and international visibility. The consolidation strategy continued in January 2025 with the acquisition of Semeli Estate in Nemea for EUR 10.6 million, structured similarly through a split between real estate (to Premia) and operating assets (to Hellenic Wineries). The group has thus pursued a systematic roll‑up of premium Greek wine assets, aimed at combining historically significant brands with a capital‑efficient real estate‑backed operating model.

The second consolidation pole is Cavino, the Anastasiou family‑owned group, which has strengthened its position through a series of targeted acquisitions, including Nemion Estate (Nemea), a majority stake in the Babatzimopoulos distillery, and—most significantly—the acquisition of Greek Wine Cellars D. Kourtakis in February 2025. Kourtakis, once among Greece’s largest wine producers, had accumulated significant financial distress following losses estimated at approximately EUR 30 million linked to a failed distribution partnership and declining sales, creating an opportunity for consolidation.

A third notable transaction reshaping the competitive landscape was Kir‑Yianni’s acquisition of a majority stake in Domaine Sigalas in Santorini, completed in 2025. Domaine Sigalas operates approximately 45 hectares of vineyards on the volcanic soils of Santorini and represents one of Greece’s most internationally recognised premium producers, with a strong export footprint. The acquisition allows Kir‑Yianni—founded in 1997 by Yiannis Boutaris following his departure from the Boutari group—to extend its estate portfolio across three key regions: Naoussa, Amyndeon, and Santorini.

Alongside these developments, Hellenic Wineries has continued to scale its platform and has signalled intentions to pursue a listing on the Athens Stock Exchange, with a target of exceeding EUR 50 million in consolidated turnover. The ongoing restructuring of Tsantalis, historically one of Greece’s dominant wine producers, may provide a further opportunity for consolidation should assets come to market.

 

4. Case Studies

4.1 Romania: Maspex's Takeover of Purcari Wineries

Parties: Maspex Group (Poland, acquirer) and Purcari Wineries (Romania/Moldova/Bulgaria, target). Since February 2018, the Purcari Wineries has been listed on the Bucharest Stock Exchange under the ticker WINE, becoming the first winery group from Eastern Europe to enter the stock market.

Structure and rationale: Maspex, the largest privately owned FMCG group in Poland, launched a voluntary public takeover bid on the Bucharest Stock Exchange at RON 21 per share, targeting up to 98.38% of Purcari’s share capital. Following the subscription period (16–30 July 2025), the offer was accepted for just over 71% of shares, giving Maspex a controlling stake of over 72% when combined with its pre-existing participation. The transaction implied a total equity value of approximately RON 850 million (approximately EUR 170 million), while the actual consideration paid corresponded to the stake tendered into the offer. Strategically, the acquisition reflects Maspex’s expansion into alcoholic beverages, leveraging Purcari’s established premium wine brands and multi-country production platform to complement its regional FMCG distribution network.

Key features: The transaction was inherently cross‑border, requiring merger control clearances in Romania, Bulgaria, and the Republic of Moldova, obtained in late 2025, as well foreign direct investment (FDI) screening in Romania. The deal represents Maspex’s 22nd acquisition overall and its fourth in Romania, underscoring a sustained regional expansion strategy.

Lessons for future investors: The Purcari transaction illustrates that a well‑positioned CEE wine group—combining a diversified geographic footprint (Romania, Moldova, Bulgaria), strong brand equity, and scalable production—can attract strategic FMCG acquirers seeking category expansion. At the same time, the need for parallel competition clearances across multiple jurisdictions, combined with FDI screening requirements, highlights the procedural complexity inherent in cross‑border wine transactions in the region, particularly where assets span several regulatory regimes.

4.2 Bulgaria: Purcari's Acquisition of Angel's Estate

Parties: Purcari Wineries (acquirer) and Angel's Estate (Stara Zagora, Bulgaria, target — 76% stake acquired from founding shareholders).

Structure and rationale: Purcari acquired a 76% controlling stake in Angel’s Estate, a full‑cycle winery located in the Thracian Lowlands, with approximately 100 hectares of vineyards and production capacity exceeding one million bottles annually. The remaining 24% stake was retained by the founding shareholders, ensuring continuity of management and preservation of local expertise. Purcari reported an IFRS one‑off gain associated with the Angel’s Estate business combination, suggesting acquisition economics below market value. The transaction enabled Purcari to enter the Bulgarian market and expand its multi‑country production footprint, adding a new geography to its regional platform.

Key features: The deal was structured as a share acquisition with a minority retained by founders — a model commonly used in SEE wine transactions to mitigate integration risk and preserve relationships with grape growers and local distributors. This approach allows the acquirer to impose strategic direction while preserving operational continuity at vineyard and winery level.

Lessons for future investors: The Angel’s Estate transaction highlights the attractiveness of Bulgarian wine assets as entry points for regional consolidation strategies, particularly where local operators lack access to scale capital. Acquisition structures combining majority control with minority founder retention can facilitate smoother post‑transaction integration and protect the integrity of supply chains. At the same time, investors should carry out thorough due diligence on vineyard quality, replanting requirements, and the stability of grape sourcing arrangements, given the structural challenges affecting the Bulgarian viticulture sector, including declining vineyard areas and climate‑related pressures.

4.3 Greece: Hellenic Wineries / Premia Properties' Acquisition of Semeli Estate

Parties: Hellenic Wineries S.A. and Premia Properties R.E.I.C. (acquirers, both majority-owned by the Georgiadis brothers) and Semeli Estate (Nemea, target, owned by Lykos Holding / Michalis Sallas).

Structure and rationale: The transaction was structured as a split acquisition under an opco/propco model. Premia Properties acquired the real estate component—including a 5,512 sq.m. winery, 10 accommodation suites, and 278,000 sq.m. of land (of which 232,000 sq.m. vineyards)—for a total consideration of EUR 10.6 million, with the assets subsequently leased back to the operating company under a long‑term arrangement. In parallel, Hellenic Wineries acquired the operational business, including wine production activities, brands, equipment, inventory, and related assets and liabilities. The strategic objective was twofold: (i) to scale a consolidated wine platform capable of supporting a potential Athens Stock Exchange listing and (ii) to develop the Semeli estate as an integrated wine tourism destination.

Key features: The opco/propco structure — separating real estate from operations — is innovative in the Greek wine context and reflects the growing recognition of wine tourism as a distinct value driver. The involvement of Premia Properties, a listed real estate investment company (REIC), provided institutional-grade capital and governance. The Antetokounmpo family's 10% stake in Hellenic Wineries added international visibility and brand ambassadorship.

Lessons for future investors: Greek wine deals increasingly involve wine tourism and real estate as integral components of the investment thesis, not merely ancillary assets. Structured transactions separating property from operations can unlock value and attract different classes of capital (REICs, infrastructure funds, hospitality investors) alongside traditional strategic or PE acquirers.

 

5. Legal Issues for Buyers: A Practical Framework

5.1 Land Ownership and Acquisition Restrictions

Ownership of agricultural land remains a key structural constraint on vineyard investment across the region, albeit with markedly different national approaches.

In Romania, transitional restrictions on agricultural land acquisition by EU natural persons expired in 2014 (with reciprocity-based access remaining for non-EU foreign persons). Currently the country applies a regime centred on Law No. 17/2014, which subjects all sales of extra-urban agricultural land to a multi-layered pre-emption procedure (favouring, among others, co-owners, lessees, neighbouring owners and, ultimately, the State), to be complied with prior to transfer, via competent local authorities, adding complexity to any envisaged transaction. Specific fiscal rules aimed at preventing speculative and circumvention transactions are also provided by Law 17/2014. In practice, foreign investors typically use Romanian-incorporated vehicles to hold farming operations.

The pattern of typically accessing land through locally incorporated companies is also followed in Bulgaria, whilst Greece adopts an open ownership model, with relatively few restrictions, but one where land transactions—particularly in rural areas—are often complicated by fragmented ownership patterns and the ongoing transition to a fully operational cadastral system, which can affect title clarity and transaction certainty.

Taken together, these regimes illustrate a spectrum from procedural protectionism (Romania) to formal openness tempered by practical constraints (Greece), factors that materially shape investment strategies in the wine sector.

5.2 PDO/PGI Compliance

Protected Designations of Origin (PDOs) and Protected Geographical Indications (PGIs) are central to wine branding and value, but they also impose binding constraints on operational flexibility. The EU's eAmbrosia register records 1,200 wine PDOs. For a buyer, the key implications derive from the fact that the designation attaches to the geographic origin and production method, not to the company — it cannot simply be "transferred" in an asset deal. Specific permitted varieties, maximum yields, and ageing requirements are legally prescribed under PDO/PGI. A buyer must assess whether the target's existing PDO/PGI portfolio supports its growth plans or constrains them.

5.3 Excise Duty and Taxation

The excise and tax landscape varies significantly across the three countries and is an area of active regulatory change. Bulgaria and Greece both apply the EU minimum rate of EUR 0 per hectolitre on still wine — effectively zero excise. Romania is the outlier, having introduced and progressively increased wine excise: the current rate stands at RON 11 per hectolitre (approximately EUR 2.20/hl) as of January 2026. Romania also raised VAT from 19% to 21% and dividend tax from 10% to 16% in 2025/2026. A new excise warehouse authorisation framework requires re-authorisation by May 2026 and imposes additional requirements to obtain such, potentially triggering further consolidation.

5.4 FDI Screening

FDI screening is rapidly evolving across the European Union. Regulation (EU) 2019/452 established a cooperation framework but left the decision to screen investments largely to Member States, resulting in significant divergence. However, the proposal for a recast FDI Screening Regulation currently still in draft form aims to introduce mandatory screening mechanisms in all Member States and a common minimum scope of sensitive sectors. A notable feature is the inclusion of "farming" among sectors in which notifications will likely attract increased scrutiny. This reflects a shift toward protecting economic security and the agri‑food chain.

At national level, Romania already operates a comprehensive FDI regime under Government Emergency Ordinance No. 46/2022, which covers acquisitions, extensions of production capacities, minority participations and greenfield investments. The regime applies to a broad range of "sensitive sectors" defined in the National Defence Supreme Council (CSAT) Decision No. 73/2012, including areas such as critical infrastructure, energy, financial systems and the protection of vital resources. Notably, this list expressly includes the protection of agriculture and the environment, thereby bringing certain agri‑food investments within the scope of FDI screening. A recent amendment via Government Emergency Ordinance no. 17/2026 further underlines this approach, while clarifying that acquisitions of assets in the field of agri-food sector, including domestic production and processing facilities, agricultural land, irrigation infrastructure, grain port terminals, silos and warehouses, gene banks, fertilizer production technologies are sensitive from a national security perspective. The Romanian system is therefore structurally aligned with the broader EU trend toward integrating economic security considerations into investment control frameworks.

Greece, by contrast, has only recently introduced FDI screening, with the screening system becoming operational in November 2025 and requiring prior approval for investments in sensitive sectors above specified thresholds. Bulgaria also has a fully functional FDI regime, which became applicable in July 2025.

Overall, the EU is moving toward a harmonised and broader screening model, in which agriculture may be treated as strategic and deals could increasingly require FDI clearance alongside traditional M&A deriving conditions precedent.

5.5 EU Funding Clawback and Planting Authorisations

Wineries that have received EU funding may be subject to compliance obligations linked to the continued use of supported investments, meaning that changes in land use or cessation of activity within the applicable commitment period can trigger repayment risks. In practice, a significant share of vineyards in countries such as Romania and Bulgaria has benefited from restructuring and conversion support under national wine programmes, increasing the likelihood that such commitments attach to vineyard assets.

In parallel, the EU planting authorisation scheme constrains the expansion of vineyard area by limiting new plantings to a maximum of 1% per year of the total vineyard surface at Member State level. In Romania, for the year 2026, the total area available for granting authorizations for new plantings is 1787.89 hectares, equivalent to 1% of the total national area cultivated with vines for wine grapes measured on 31 July 2025. As a result, buyers seeking to expand planted area must navigate a planting authorisation system that can materially affect growth strategies.

5.6 Cadastral and Title Complexity

Across all three countries land title verification requires meticulous due diligence. Romania's post-communist land restitution process fragmented ownership into extremely small parcels, creating a patchwork of micro-holdings. Land must frequently be assembled from many individual owners with a multifarious layer of middlemen and intermediaries. Cadastral registration remains incomplete in many rural areas. Greece's cadastral system is similarly evolving, and Bulgaria's transition-era title records can present gaps.

5.7 Additional Issues

Other legal issues that consistently arise in SEE wine M&A include: intellectual property protection for wine brands, water and irrigation availability (particularly critical in Santorini, where irrigation is practically unavailable, and in Romania's drought-prone Dealu Mare region); labour and seasonal harvest workforce availability, environmental compliance, including packaging-related environmental taxes, and merger control filings.

 

6. Conclusion

South-East Europe will not replace Bordeaux, Tuscany, or Napa Valley as the world's premier wine investment destination in the near term. But it need not do so to offer compelling returns. The region's investment thesis rests on a convergence of factors: structurally low entry valuations, a favourable climate profile, indigenous grape varieties aligned to global premiumisation trends, EU membership providing regulatory stability and access to funding, and a proven consolidation playbook — demonstrated most convincingly by Purcari Wineries' decade-long buy-and-build and validated by Maspex's willingness to invest.

The conditions under which this potential is most likely to be realised are fourfold. First, professional management structures that give institutional investors confidence — family wineries must be willing to adopt governance standards compatible with PE or public-market expectations. Second, brand investment — SEE wines must move beyond commodity status. Third, regulatory clarity — Romania's land acquisition regime, in particular, requires careful navigation, and the evolving EU FDI screening framework will add a further layer of complexity for non-EU acquirers. Fourth, patience — vineyard investments are inherently long-cycle, and the climate-change tailwind operates over decades, not quarters.

For the acquirer willing to take the long view, the glass is considerably more than half full.