Ref: IMD-7-2057

Case study

Reference: IMD-7-2057

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Château d'Agel: Third Time Lucky?

Benoit F. Leleux

By Professor Benoit F. LeleuxBenoit F. Leleux, Franck Adraï, Elvis Fontaine and Javier Sanchez Castro

The case is the fourth in a case series documenting the genesis, deal engineering, early implementation and then mounting operational challenges faced by Robin Budowski as he acquired and tried to turn around Chateau d'Agel, a vineyard located in the Minervois region of Languedoc, going from ideation to execution, stagnation and deep crisis. The key protagonist has to decide which plan he will present to the upcoming critical shareholders' meeting. Chateau d'Agel was acquired in 2003, for EUR0.8 million. After years of below par performances, sales dropped drastically in 2017 while capital expenditures exploded, generating critical financial issues. The vineyard manager was replaced and Robin took full operational control to manage the turnaround, cutting costs and investments.

Learning Objective

  • Cash flows and working capital management.
  • Developing a turnaround business plan; strategic analysis; leadership and HR management; crisis management; marketing and sales development.
  • Aligning vision and incentives between entrepreneur and shareholders.
  • Managing wine properties; growth management; pivoting strategy; managing affinity investor.
SettingsEurope, France
SAS Château d'Agel, Wine and Spirits
2003-2020
TypeField Research
Copyright©IMD 2020
LanguageEnglish
Related materialTeaching notes
Order this case study

Reference: IMD-7-2057

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