The Western Australian producer will now be known as 3 Oceans Wine, after being purchased by Chinese entrepreneur Xibo Ma. He was previously the second biggest shareholder in Palandri.
Chief executive David Wheeler said: "After a challenging time for Palandri I am delighted to be able to lead the business in a new direction where its potential can finally be realised."
"3 Oceans Wine Company have provided the capital structure which will harness the Palandri's resources of quality Western Australian vineyards, winemaking facilities in Margaret River and team of passionate and knowledgeable people to help build Palandri's reputation as a global supplier of quality Western Australian wines."
General manager of the UK and Europe operations, David Hodgson, added: "Palandri has built a reputation for exporting excellence, and has great potential in this region. With the new ownership we're looking forward to continuing our efforts in building the Palandri brand and championing Western Australia in new and existing European markets."