The owner of Hungerford Hill Wines in the Hunter Valley, James Kirby, told drinks bulletin “it’s a good time to sell” after announcing to the market that a deal had been struck to sell the winery to CEO of Iris Capital, Sam Arnaout.

Hungerford Hill has been under ownership by the Kirby family for just shy of 15 years. From the beginning of December, the winery, vineyards, cellar door and restaurant will become part of Iris Capital’s portfolio.

Iris Capital also owns the Iris Hotel Group, which includes a number of iconic Sydney venues such as the Clovelly Hotel, The Grand in Bondi Junction and The Colombian Hotel. The sale of Hungerford Hill is the second winery to be acquired by Iris Capital this year after it purchased Sweetwater Estate, also in the Hunter Valley.

Kirby said the new owner shares a similar vision to him and that of Hungerford Hill and has agreed to keep all existing staff and the lease of the restaurant attached to the winery to Muse Restaurant.

“It’s been tough in the wine business, but we’re seeing a definite turn-around in local and export sales, so the winery is well positioned and the economy is very strong. Property prices are also very good, so we thought it was a good time to cash in,” Kirby explained.

Since purchasing the winery in February 2002, Kirby has worked on the business full-time and has been responsible for putting cool climate regions such as Tumbarumba on the map for premium wines and establishing the Hungerford Hill brand with local and international trade. Kirby has also built one of the best known experiences at Hungerford’s cellar door.

“I’m thrilled that the buyer has a similar vision to me and wants to pursue a very high-quality focus and maintain Tumbarumba and Hill Tops as our premium wine range,” Kirby added.

Kirby will now return to focus on his private equity ventures.

“I’ve always maintained an interest in private equity and in quite a few start-ups, so I’ve got a few that I’m looking at that,” Kirby said.

Image L-R: James Kirby and Sam Arnaout