US/NEW ZEALAND: Foley Family Wines to take 80% stake in The New Zealand Wine Company
Foley Family Wines is hoping to increase it presence in New Zealand
Foley Family Wines has announced a deal to take an 80% stake in The New Zealand Wine Company (NZWC), subject to approval.
The deal, announced on Friday (29 June), will see California-based Foley add the Grove Mill, Sanctuary and Frog Haven brands to its portfolio. NZWC shareholders are due to meet on 14 August to decide on whether to approve the deal, while Foley also requires consent from the Overseas Investment Office.
Financial details behind the transaction were not released.
"This merger is a key component to our New Zealand strategy," said Bill Foley, CEO and chairman of Foley Family Wines. "With this plan we will gain much needed supply, as well as the Grove Mill, Sanctuary and Frog Haven brands to add to our robust portfolio."
The deal will also give Foley Family Wines access to around 200 more hectares of vineyards in Marlborough.
Last month, Foley bought Napa Valley's Sawyer Cellars – including 40 acres of vineyards – for an undisclosed sum.
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