This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
In the spirits industry, Poland is globally renowned for vodka and remains its leading producer. Now it’s making increasingly bold moves in the international wine market – a space dominated by Italy, France, and Spain.
The expansion of Polish winemakers has two dimensions. First, over the past dozen-plus years, the number of growers has surged from several dozen to over 600, while vineyard acreage has grown just as dynamically, now exceeding 1,000 hectares. Polish wine exports are climbing.
Second, Polish alcohol conglomerates are making foreign acquisitions. Maspex, the country’s largest food producer, has already secured regulatory approval to purchase a controlling stake in Romania’s Purcari Wineries – a deal valued at over PLN 700 million (EUR 165m).
Polish entrepreneurs gain ground in Western Europe
JNT Group – the second-largest player in Poland’s wine market – also falls into this category. In recent weeks, it completed its second foreign acquisition, purchasing Spain’s Marqués de Monistrol for an undisclosed sum. According to unofficial information obtained by XYZ, the transaction was valued at several million euros.
“A Polish entrepreneur who until recently was mainly associated with ‘fruit wine’ has now taken over one of the oldest cava producers [Spanish sparkling wine] with 143 years of history. This is a highly unusual scenario,” notes Jakub Nowak, president and owner of JNT Group.
He acknowledges he’s been in the business for 26 years and dreams of building an international enterprise without any inferiority complex about foreign competition. Unfortunately, this remains an atypical path. It’s still mostly Western corporations acquiring Polish companies, not the reverse.
“Fortunately, more Polish entrepreneurs are conquering new markets, including in Western Europe, through acquisitions – people like Jan Kolański with Colian and Rafał Brzoska with InPost. This is a great time for Polish entrepreneurs. We’re still motivated and hungry for success, while many of our foreign rivals have grown complacent. Due to the macroeconomic situation, they’re overthinking and underacting, while we’re going on the offensive,” says Nowak.
Expert's perspective
Seizing the moment
Today, we’re seeing two main acquisition strategies among Polish companies in this industry. Some entities – such as Maspex – focus on acquiring strong alcohol brands: the 2023 Becherovka acquisition is a prime example. The other approach involves acquiring alcohol producers based outside Poland.
This includes JNT’s recent Spanish transaction, as well as a series of wine producer acquisitions in Romania by JNT, Ambra, and Maspex. Polish companies are capitalizing on the fact that many assets – particularly in Europe’s wine sector – are currently on the market.
Part of a management buyout strategy
The company formerly known as Jantoń – famous for alcohol brands like Monte Santi, Grzaniec Galicyjski, and Cydr Dobroński – is once again a family enterprise. In 2017, it was acquired by private equity fund Enterprise Investors alongside the company’s CEO, Jakub Nowak. Seven years later, he executed a management buyout with backing from banks and his partner, Grzegorz Hryciuk, owner of Gabona.
“Drawing on what I learned working with the fund, I prepared a five-year master plan. The first phase – accumulating assets for genuine international expansion – will be completed in the current financial year, ending June 2026. Its first element was acquiring a Romanian winery as the first Polish company to do so,” says Mr. Nowak.
In early 2024, JNT purchased a majority stake in Domeniile Boieru for several million PLN. The acquisition includes 200 hectares of vineyards in Ciumbrud and Sebeș in Transylvania, plus a production facility.
Exports spanning America, Europe, and Asia
The Polish company’s second strategic step was building a spirits portfolio. After acquisition negotiations fell through, it’s developing this category organically – expanding existing brands and launching new ones. It already offers Dobroński Gin and Galicyjski Sztos herbal liqueur, with rum and white vodka to follow by April.
“The third stage was acquiring a cava producer that would become our gateway to the world. Seventy percent of its Spanish production is exported. The purchase of Marqués de Monistrol winery is the missing piece of the strategy we designed two years ago. It gives us access to roughly 30 markets across different continents – from the US and South America, through Europe, to Japan and South Korea,” explains Mr. Nowak.
In the coming years, he aims to expand to around 50 export markets. As a result, Poland will no longer dominate JNT’s sales structure as it does today – though it will likely maintain a majority share of around 60%.
Expert's perspective
The strength of Polish producers
Polish producers closely track global trends and embrace innovation – exactly what consumers both domestically and abroad expect today. The high quality of Polish wine beverages is driven partly by national regulations that set exceptionally rigorous standards – higher than in other EU countries.
Technological infrastructure also plays a crucial role. Thanks to dynamic development in recent years, Polish producers operate modern facilities that enable them to compete with the best and confidently pursue foreign market expansion.
An unusual path to the deal
The acquisition of Marqués de Monistrol happened somewhat by chance. Initially, the Polish company, together with Spain’s Banco Sabadell, shortlisted ten cava producers for negotiations.
“As is often the case, some weren’t even willing to come to the table. We couldn’t reach agreements with others. Meanwhile, an advisor from the Polish branch of KPMG was eager to work with us and revealed that their Spanish office collaborates with a large Spanish group owning five wineries: Marqués de la Concordia. Our interest was only in one – the winery focused on cava,” explains Jakub Nowak, president of JNT Group.
He assures that choosing a Polish buyer was not about price – even though favorable terms were agreed upon – but about determination and a clear commitment to develop the acquired business.
“The opinion of the employees, who wanted to keep the winery intact, mattered a lot. In situations like this, there is always a risk of assets being sold off in pieces. We acquired a healthy operation and plan to use it to expand across several continents,” says Mr. Nowak.
The scale and potential of the Spanish winery
Marqués de Monistrol generates a turnover of several dozen million PLN. The group’s plan is to reach PLN 100-120 million (EUR 23-28m) within four years as part of its broader goal of hitting PLN 1 billion (EUR 240m) in total revenue by that time.
“The Spanish winery boasts strong EBITDA profitability – similar to the group’s overall level – at several percent. We aim to maintain this while aggressively growing sales,” says Jakub Nowak.
Thanks to the acquisition, JNT’s production volume is expected to rise by 10-30%, depending on how fully the Spanish winery’s capacity is utilized. Currently, the group produces about 40 million bottles of wine across Poland and Romania, with the ambition to reach 100 million bottles of its entire portfolio in the coming years.
“We can hit this target without major investments in expanding the plant. It’s primarily about boosting sales,” the entrepreneur assures.
Cava ferments in bottles and requires specialized cellars for storage. The newly acquired facility has space for 12 million bottles. A few years ago, that capacity was fully utilized.
“Right now, we can produce about 4 million bottles per year without much effort, but our goal is to quickly increase that to 6-7 million. Within a few years, we could reach the maximum capacity of 12 million bottles of cava, which would require additional investment,” explains Jakub Nowak.
He is also exploring the possibility of resuming production of roughly 4-5 million bottles annually of Spanish still (non-sparkling) wine, a line previously produced by the former owner at different sites.
Cava to Poland, domestic brands for export
Jakub Nowak is confident that the transaction opens up tremendous potential for synergy in both directions. He plans to start selling cava on a large scale in Poland, with the first bottles hitting store shelves later this year and a major rollout scheduled for the first quarter of 2026.
“This calls for a well-planned strategy. We have two brands – Monistrol and Marqués de Monistrol, or MM – and three varieties of cava aged 9, 18, and 30 months. We also need to educate the market. Cava is less popular than it deserves to be. Its production method is similar to French champagne, yet it’s priced comparably to Italian prosecco, despite being significantly higher in quality. Those who understand this difference already choose cava regularly,” explains the head of JNT Group.
Simultaneously, he intends to leverage Marqués de Monistrol’s strong position in Spain and its international supplier relationships to promote JNT’s other products. Depending on market conditions, offerings will include wines from Transylvania, Monte Santi flavored wines, spirits, and non-alcoholic beverages.
The success of the Romanian acquisition
In recent years, JNT Group acquired brands like Grzaniec Galicyjski, Wino Makłowicz, and Selekcja Makłowicz, along with the wine importer and distributor Platinum Wines. Several months into the Romanian acquisition, Jakub Nowak is confident the decision was spot on. The group has already doubled its sales of Romanian wines in Poland and set the stage for rapid growth in Romania, now “hitting the highway.”
“I’ve made several acquisitions before, so I know what to expect. Advisors and bankers often say you’ll start seeing big gains from day one. But in reality, you face unforeseen challenges first, and stable growth only kicks in after about six months. One surprise in Romania was the need for additional registration of alcoholic beverages – a requirement unknown in Poland – that lengthened the time to market,” explains Mr. Nowak.
The Romanian facility enabled JNT to start producing canned products domestically, which had previously been outsourced. The capacity of the initial production line was too small, leading to the addition of a second line in Poland.
“We now produce several million canned products annually, with much greater potential – especially for flavored wines and zero-calorie beverages. We’ve just completed our first season, and already we see huge export opportunities,” says the entrepreneur.
Acquisitions: soft drinks a ‘yes’, beer a ‘no’
JNT Group aims to complete an acquisition in the soft drinks segment before the end of the year, marking a pause in its expansion in this area – at least for now. However, they don’t rule out future opportunities.
“If an acquisition comes along on attractive terms and offers significant synergies, I’ll consider it. But our main focus remains on wines, spirits, and non-alcoholic products. Convincing me to buy a brewery would be tough, even though I get offers regularly. The beer segment demands very different distribution and marketing, and it feels like beer’s heyday is behind us. The market is heavily saturated, even among craft breweries,” explains Jakub Nowak.
The company does not foresee major new investments in the near term. It is focusing on necessary maintenance and steadily improving the energy efficiency of its facilities. Its annual capital expenditure (CAPEX) amounts to several million PLN.
PLN 500 million (EUR 118m) in revenue on the horizon
In the 2023/2024 financial year, JNT Group reported revenues just shy of PLN 400 million (EUr 94m), surpassed that figure the following year, and now aims to exceed PLN 500 million (EUR 118m) in the current year. Looking ahead, the company expects even faster growth, fueled by the consolidation of assets needed for international expansion.
“Now comes the rewarding part. You can invest in real estate, logistics, and other areas, but I’ve put all my resources into assets that will drive additional sales,” says Jakub Nowak.
He acknowledges that the market environment remains challenging but remains upbeat.
“As Mr. Krzysztof Pawiński from Maspex often says: if you can weather ‘weak’ consumer demand, when conditions improve, growth accelerates. We are growing at a double-digit pace in a flat or even slightly declining market. While major competitors scramble to hold their market share, we are steadily and dynamically expanding ours. I can’t remember the last time our quarterly sales declined year-on-year. Given the current environment, we see that as a double success,” concludes the president of JNT Group.
Difficult times for wine producers
Ambra, the owner of brands like Cin&Cin, Dorato, and Piccolo and listed on the Warsaw Stock Exchange, remains the leader in Poland’s wine production and distribution market. However, its market capitalization has fallen nearly 25% over the past year to around PLN 450 million (EUR 106m). Despite a slight increase in sales volume by 0.8% to 96.8 million bottles in the 2024/2025 financial year, revenues declined by 2.1% to PLN 894.9 million (EUR 211m). The revenue drop would have been steeper without a 7.6% rise in non-alcoholic beverage sales. Profitability also took a hit.
In the first quarter of the current financial year (July-September), Ambra posted a 1-2% year-on-year increase in revenue and volume, yet its operating margin slipped.
The company’s challenges reflect a broader industry trend. Global wine consumption fell 3.3% in 2024 to 214.2 million hectoliters, the lowest since 1961, according to the International Organization of Vine and Wine (OIV). Italy produced 44 million hectoliters, France 36.1 million, Spain 31 million, and the United States 21.1 million. The decline is partly attributed to shifting preferences of younger consumers.
“We’re well-prepared for market changes. We read trends better than competitors, which explains our steady performance improvement. We know which segments of the vast wine market to focus on. Globally, red wine producers face the biggest problems. If I were a French winemaker of classic Bordeaux reds, I’d be worried and looking for alternatives. The French still want to seat young adults properly at the table and have them pair wines with their meals,” says Jakub Nowak.
He highlights that times have changed: today's twenty-somethings prefer casual socializing with drinks or even zero-alcohol options. That’s why the company increasingly focuses on zero-alcohol products and sparkling wines. Consumption of sparkling wines has surged – once reserved for special occasions, they are now enjoyed at all types of events.
Expert's perspective
Wine sales decline alongside the entire alcohol market
As a result, alcohol sales are falling in both value and volume – down 1.9% and 5.6%, respectively. A year ago, wine held strong against this trend, but over the past 12 months, Poles have begun seeking savings in this category as well. Wine sales by value have dropped 2.2%, and volume is down 1.6%. Data from January through October is somewhat more encouraging, suggesting that last year’s holiday season was disappointing for the wine sector but that it has a chance to finish the year “in the black.”
The steepest volume declines are in table wines (-2.2%) and vermouth (-7.1%). By color, red wines lead the losses (-6.8%), and by taste, dry wines are down 6.3%. Wines from Bulgaria, the United States, and France are struggling; the first two have experienced double-digit volume declines.
Previously strong performers like prosecco (-1.8%) and asti (-4.8%) are losing ground, too. Stable sales in sparkling wines are buoyed mainly by champagne, which is growing 20% in volume. Aromatized and fruit wines (+1.9%) along with wines from New Zealand, Australia, and Italy are also expanding.
Non-alcoholic sparkling and table wines are growing rapidly – over 30% - but still represent a small share of the market, making up only 2.5% of wine consumption overall.
Key takeaways
- Strategy. After a management buyout at JNT Group, Jakub Nowak has already acquired a vineyard owner in Romania and has nearly completed his spirits portfolio. The third, missing element in his strategy was the recent purchase of Spanish winery Marqués de Monistrol, one of the oldest producers of cava. The selection of a Polish buyer was not an obvious choice. While Spain ranks among the world's largest wine producers, Poland is only beginning to establish itself on the international stage.
- Goals. JNT Group exceeded PLN 400 million in revenue in the past financial year and is targeting more than PLN 500 million this year. Marqués de Monistrol currently generates several dozen million PLN in turnover, with plans to reach PLN 100-120 million within four years—by which point the entire group's sales are expected to hit PLN 1 billion. JNT produces approximately 40 million bottles of wine in Poland and Romania. In Spain, it will start with several million bottles of cava, potentially scaling to several dozen million over time. The long-term goal is 100 million bottles across the entire product range, including other offerings.
- Market Environment. Global wine consumption fell 3.3% last year to 214.2 million hectoliters—the lowest level since 1961. Jakub Nowak maintains that JNT Group is well positioned for market shifts. While competitors are losing market share, the company is steadily gaining ground. Producers of dry red wine face the biggest challenges. Sparkling wines and non-alcoholic variants are performing considerably better.