'Portugal's billionaire Mello family set to expand wine business through acquisitions - BNN Bloomberg'

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The Portuguese Mello family is looking to buy domestic wineries to boost its wine business, taking advantage of a highly fragmented market in the southern European country. The billionaire family, whose flagship brand is Ravasqueira, said Tuesday it has acquired the Quinta do Retiro Novo wine estate and agreed to lease the Quinta do Cotto and Paco de Teixeiro wineries in northern Portugal.

"Our goal is to become one of the three largest wine producers in Portugal over the next seven years," said Jose de Mello Group' holding company's chief executive officer'Salvador de Mello at a press conference in Lisbon.

The group has also gained control of the Krohn brand of port wine through a new investment venture, Winestone, according to Mello, who declined to provide details of the investment in these acquisitions.

The Jose de Mello Group owns Bondalti SA, Portugal's largest chemical company and a major chlorine producer, a chain of hospitals and nursing homes, and has a 16.7% stake in toll-road operator Brisa-Auto Estradas de Portugal.

The group is looking to expand its existing business and has no interest in selling its current stake in Brisa, Mello said. "We are not selling any assets, quite the opposite," said''it.