AdVini in Talks to Take Over Two InVivo Brands, Paid in Shares
The transaction would be settled in treasury shares held by AdVini, with the exception of inventories paid in cash. It would also pave the way for InVivo to join the board of directors of the wine group. With this project, AdVini strengthens its position in non-alcoholic wines and extends a rapprochement begun in the spring with the cooperative group.
Two Brands Generating Approximately €14 Million in Annual Revenue
AdVini and Vinadeis by InVivo, the wine subsidiary of the InVivo cooperative group, have entered into exclusive negotiations, according to a press release published on the evening of 12 November 2026. The project concerns the takeover by AdVini of two brands, Bonne Nouvelle and Mythique, together with the activities, inventories and teams attached to them.
Together, these two brands generate annual revenue of approximately €14 million. This amount measures their commercial activity. It does not correspond to the price of the transaction, which is based on a transfer of securities.
Bonne Nouvelle is presented in the press release as the first non-alcoholic wine brand in France for more than 30 years. It is distributed mainly through French mass retail, in a segment that the group describes as fast-growing.
Mythique is a varietal wine brand from Occitanie, the majority of whose sales are made abroad. AdVini sees it as a way to expand its portfolio of regional brands in international markets.
The board of directors of AdVini has already approved the transaction in its entirety. However, the final documentation has not yet been signed: its signing and the completion of the transaction are expected in February 2027.
This timetable remains subject, in particular, to the prior information and consultation of the relevant employee representative bodies, as well as the receipt of their opinions. The employees dedicated to the activities concerned would be transferred to AdVini along with the brands.
A Payment in Shares Envisaged, with InVivo's Entry to the Board Subject to Approval
Under the terms of the exclusivity agreement, the brands would be paid in full through the transfer of 112,216 treasury shares of AdVini. For the purposes of the transaction, each share is valued at €35.20.
Only the inventories associated with the transferred activities would be paid in cash. The mechanism therefore limits the cash outflow to these inventories, the takeover of the brands themselves being carried out through shares already held by the company, without the issuance of new shares.
This method of payment has a direct consequence for the shareholder structure. At the close of the first transaction between the two groups, completed on 30 April 2026, Vinadeis by InVivo held 7.92% of the share capital of AdVini. Antoine Leccia, Chairman of the Board of Directors of AdVini, indicated that InVivo will increase its stake as part of this new transaction.
The project also includes a governance component. The appointment of Vinadeis by InVivo as a director of AdVini, represented by Thierry Blandinières, Chief Executive Officer of the InVivo group, would be submitted to the general meeting called to approve the financial statements for the year ended 31 December 2026.
Subject to this appointment and to decisions of the competent corporate bodies, it is also envisaged that Thierry Blandinières could chair the strategic committee of AdVini. The partner, which generates revenue of €11.4 billion, would thus take a larger place in the governing bodies of the wine group.
Executives Cite a Structural Crisis in the Wine Sector
The first stage of the partnership, concluded on 30 April 2026, involved the takeover by AdVini of part of the wine activities of the wine division of Cordier by InVivo, since renamed Vinadeis. The new project is its direct extension.
Antoine Leccia justifies the transaction by the state of the market: "The crisis currently affecting the entire wine sector is a reality. Its causes, now structural, are many." He cites the limited size of French companies in export markets and the decline in interest among some consumers for non-premium red wines, particularly in China.
According to him, the response lies in non-alcoholic or low-alcohol wines, following the takeover last May of Café de Paris, a producer of sparkling wines also present in the non-alcoholic and flavoured segments. Exports account for 67% of AdVini's wine sales.
Thierry Blandinières, for his part, points to the decline in wine consumption and the effects of climate change on production. In his view, "players in the sector must gain in size, agility and capacity for innovation to meet the new expectations of consumers." AdVini could thus, he adds, secure its supplies of bulk wine.
