Fosters Group ups stake in Rapaura Vintners

Foster's Group ups stake in Rapaura Vintners

Foster's Group has confirmed that it has raised its stake in New Zealand-based Rapaura Vintners to 50%.

Foster's Group's wine business, Treasury Wine Estates, has raised its stake in Rapaura from 33% to 50% via its New Zealand subdisiary, Matua Valley. Rapaura, which is a contract wine producer, is now jointly-owned by Foster's and family-held Babich Wines, a Foster's spokesperson confirmed to just-drinks today (28 January).

Both companies increased their stakes in Rapaura last year after buying out the third shareholder, New Zealand's Goldwater Estate.

"Our investment allows us to manage our winemaking to supply the continuing increase in demand for our New Zealand products, especially in the Australian, Americas and New Zealand markets," said the Foster's spokesperson. Financial details of the deal have not been disclosed.

Marlborough-based Rapaura has a capacity to process 13,500 tonnes of grapes and package around 0.5m cases of wine annually.

Foster's Group is expected to announce further details of its planned demerger of Treasury Wine Estates and its Australian beer business, Carlton & United Breweries, within its half-year results announcement on 15 February.