ASC Fine Wines returns to family ownership

The family who founded fine wine importer ASC in 1996 has reacquired the business from Suntory after 15 years under the group's ownership. Don St. Pierre Jr and Monica Xu St. Pierre have reached a definitive agreement to reacquire 100% ownership of ASC Fine Wines, bringing it back into family ownership. The company is a leading fine wine importer in China with a sales network spanning Mainland China, Hong Kong, and Macau. Founded in 1996 by Don St. Pierre Jr and his father, Don St. Pierre Sr, ASC Fine Wines has been owned by Suntory for the past 15 years. The company announced today that the decision to return to family ownership was designed to position ASC for long-term growth and innovation. "We are excited to bring ASC back into the family fold," said Don St. Pierre Jr, who is also co-founder and chair of AdaptEdge, a strategic advisory and investment firm launched in 2023. He said: "ASC’s reputation for excellence has been built over decades, and we are committed to preserving that while positioning the company for future growth. The evolving Chinese market presents a unique opportunity for us to innovate and provide new ways for wine producers to engage with consumers." St. Pierre Jr stepped down as member of the ASC Board of Directors in 2015 under Suntory's ownership. As part of the transition back to family ownership, he will assume the role of executive chairman and CEO, overseeing strategy and operations. Monica Xu St. Pierre will serve as lead director, focusing on people, culture, and consumer experience. "We are incredibly proud of our team and look forward to working together to build ASC into an even more dynamic and forward-thinking company," said Monica Xu St. Pierre. The reacquisition transaction is expected to close in the coming months, followed by further announcements regarding strategic partnerships and investments. St. Pierre Jr commented: "Our focus will be on strengthening the reach of our existing brands while selectively introducing new ones that complement ASC’s growth strategy and the changing needs of the market." In a statement announcing the reacquisition, ASC reinforced its commitment to the Chinese market. The statement said: "ASC remains deeply committed to growing the distribution of its world-class suppliers in China, ensuring that their brands navigate a market that, while currently undergoing significant challenges, is expected to recover and evolve in the coming years with new consumer behaviours and distribution models. The company will also work to enhance its portfolio with new brands that align with ASC NextGen’s vision and the evolving preferences of Chinese consumers." In response to questions about changes to the company's team and brand portfolio, a representative of ASC told db: "ASC remains committed to ensuring a smooth transition for employees and values the talent and dedication of the team. As we move into this new phase, our leadership will evaluate the best structure to support long-term growth. As to our portfolio, we are fully committed to our world-class wine suppliers and will continue to strengthen these partnerships."