News
BGF exits Off-Piste Wines, following strong growth
The leading wine developer and distributor has been sold to Terold Invest, one of the largest family-owned, world wine groups.
30 April 2026
BGF has completed a successful exit from Off-Piste Wines, a leading wine developer and distributor, based in Cheltenham, Gloucestershire. The business has been sold to Terold Invest SL, one of the largest family-owned, world wine groups. The exit delivers a strong return on its original investment in December 2019.
Founded in 2007, by Ant Fairbank and Paul Letheren, Off-Piste Wines has grown into a leading UK wine supplier and brand owner, with a broad portfolio of proprietary wines, such as Most Wanted and The Wanderer.
“BGF’s backing has been instrumental in helping us to strengthen the business and deliver strong growth. Their support allowed us to invest in our brands, expand into new channels, and build a team and platform ready for the next stage. We’re excited to join forces with the Terold Group, whose global reach and supply expertise will help take our brands to the next level.”
Andy Talbot
Managing Director of Off-Piste Wines
BGF’s investment supported the company’s growth strategy, helping to scale revenues from £37 million to £65 million, through expanding its presence with major UK grocery retailers, further developing its own brand portfolio, increasing its international presence, and growing its convenience and on-trade channels.
In addition, BGF supported the appointment of Andy Fennell as Non-Executive Chair, through its Talent Network, strengthening Off-Piste Wine’s leadership and governance. This combination of capital and strategic support enabled Off-Piste Wines to deliver sustainable growth, while navigating challenging market conditions, including the global COVID-19 pandemic.
“Off-Piste Wines is a great example of a business combining entrepreneurial agility with disciplined execution. Andy and the team have built a strong, brand-led platform with clear momentum in a competitive category. We’re delighted that Terold Invest recognises that strength and is well placed to support the next phase of international growth. This outcome is a testament to the management team’s capability and leadership.”
Edwin Davies
Investor at BGF
Gustavo Sampayo, CEO at Terold Invest, commented: “This transaction reinforces Terold Invest’s ambition to strengthen its presence in one of the world’s most important wine markets. The UK represents a unique and highly competitive environment, where strong commercial execution, innovation and customer proximity are fundamental to success. By combining Off-Piste Wines’ local commercial capabilities, brand development expertise and distribution network with Terold Invest’s global scale and sourcing capabilities, the group expects to capitalise on significant growth opportunities both in the UK and internationally.”
The Off-Piste Wines exit adds to a series of recent successful realisations for BGF in the South West, Wales and Thames Valley. This includes both Victorian Sliders, the Welsh manufacturer of ECOSlide uPVC sash windows, which delivered a 3.2x money multiple, and Nonwovenn, the Somerset-based fabric technology specialist, which achieved an 8.4x return, following a nine-year partnership with BGF.
These transactions demonstrate the breadth of BGF’s portfolio and the strength of its long-term partnership model, which supports ambitious management teams in achieving both commercial success and lasting impact.
