Transaction overview
On April 30, 2026, Terold Invest SL, a Spanish family-owned wine group, completed its acquisition of Off-Piste Wines, a UK-based leading developer and distributor of proprietary wines founded in 2007 by Ant Fairbank and Paul Letheren. The deal represents BGF’s exit from the company after providing initial investment support since December 2019. Although the financial terms were not disclosed, the acquisition enables Off-Piste Wines to expand its international presence with Terold Invest's global reach.
Deal structure and financing
The exact equity and debt split for the transaction has not been made public. Given the nature of BGF’s exit, it is likely that a portion of proceeds went towards refinancing existing debt on the company’s balance sheet. The lead banks involved in arranging this acquisition financing are unknown at present. Without detailed leverage metrics available, industry norms suggest that Terold Invest may have employed moderate levels of debt to finance the deal.
Strategic context
BGF's investment in Off-Piste Wines facilitated significant revenue growth from £37 million to £65 million between 2019 and 2026. The company expanded its distribution network across major UK grocery retailers, developed new proprietary wine brands like Most Wanted and The Wanderer, and increased international reach. By exiting through the sale to Terold Invest, BGF achieved a strong return on its original investment while supporting Off-Piste Wines' next phase of growth.
For Terold Invest, acquiring Off-Piste Wines aligns with its ambition to strengthen its presence in one of Europe's most important wine markets. The deal leverages Off-Piste Wines’ local expertise and brand development capabilities alongside Terold Invest’s global supply chain advantages. This strategic alignment aims to capitalize on growth opportunities both within the UK market and internationally.
Regulatory path
To date, no specific regulatory hurdles have been publicly disclosed for this transaction involving Terold Invest SL (Spain) acquiring Off-Piste Wines Ltd (UK). Given the cross-border nature of the deal and the potential scale of operations in key wine markets such as the UK, it is likely that antitrust reviews by authorities like the Competition and Markets Authority (CMA) in the UK were considered. However, without detailed filings or announcements, exact regulatory timelines and remedies remain unclear.