Antigal: Strategy and Succession Challenges in a Family-Owned Vineyard with Global Ambitions

Lucia Pierini, Martin Roll, Gianfranco Siciliano, Zhijing Cao

Research output: Other contributionCase Studies


Antigal is an Argentinian winery with an integrated business model including vineyards, wine production, and distribution. Antigal is owned by the Cartoni family. Virgilio Cartoni entered Antigal as a minority shareholder in 2007, and in 2016 he and his wife Ana Maria took full control of the winery. Antigal consists of three companies. Virgilio and Ana Maria have four children: Stefano, Francesco, Alessandra, and Antonella. Since 2016, the couple each own 20% of the vehicle ROCKY, parent to two companies of Antigal, and the four children own 15% each. Virgilio and Ana Maria also own 50% each of the vehicle BACO, parent to the third company of Antigal. In mid-2018, Antigal became a multi-generational family-managed firm with Stefano, Alessandra, and Francesco working as company managers. Francesco, Virgilio, and Ana Maria’s second-oldest son started working for a Chilean producer and exporter of wines following his graduation from university, and he soon realized that the future of the wine business was in China. Consequently, in 2016 he moved to China to work for the Chilean company there. In 2018 Francesco resigned from the job to start a full-time MBA program and begin to build relationships for his family business. Francesco, along with his brother and sister, has a vision to bring Antigal to the next level. There are many challenges ahead for the company to overcome: How to structure the family business governance? How to expand the business and increase the enterprise value of the firm? How and how much could China contribute to it?
Original languageEnglish
Number of pages14
Publication statusPublished - 1 May 2022

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Field Case

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Published by

China Europe International Business School


  • entrepreneurship
  • succession
  • inheritance
  • wine industry
  • governance
  • Antigal
  • Family Business
  • family businesses
  • Entrepreneurial innovation

Case studies discipline

  • Entrepreneurship
  • General Management
  • International Business

Case studies industry

  • Accommodation & Food Services


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