China’s leading wine and spirits importer and distributor Summergate has been sold to Gravity Capital, a private equity firm in Asia, for an undisclosed amount.The deal is expected to close in March.

Founded in 1999, Summergate is a major player in the Greater China drinks market.  It exclusively represent almost 70 brands across Greater China, and bring delicious world of drinks to Chinese consumers.

One of Australia's largest wine retailers, Woolworths Liquor Group acquired the Summergate in 2014 along with its sister firm, Pudao Wines, in what is a major overseas investment for the retailer.

Woolworths Group Business Development director Chris Gramond said: "This investment reflects their positive outlook for the wine and spirits market in Greater China and they hope to be able to bring relevant industry knowledge and resources to support the continued development and future growth of  Summergate."

Gravity Capital is a San Francisco-based seed stage venture capital firm investing in meaningful tech companies that make us reimagine traditional ways of thinking.