The managing director of one of Australia’s biggest privately owned wine groups, Casella Family Brands, predicts a wave of distressed assets to hit the market in the broader wine industry over the next 12 months.

John Casella, who presides over Australia’s largest-selling export brand, Yellow Tail, which generates annual sales of 12 million cases, said his company would avoid any buyouts. He would not sell brands either, as the company seeks stability in a tough market.