FRANCE: IWIF ups stake in Laroche
The International Wine Investment Fund (IWIF) has upped its stake in the French wine producer Group Laroche and says it is prepared to take its investment furhter under the right conditions.
The IWIF, controlled by Berren Asset Management, has almost doubled its stake from 4.1% to 8.1%, an investment worth A$1.1m. The Fund has already invested some $1.3m in Laroche.
A wine fund representative would be appointed to the Laroche supervisory board as part of its increased investment.
Speaking today Berren chief executive Chris Day confirmed that the company could take 10% in Laroche. He said that if Laroche wanted more money for an acquisition or if the IWIF were offered a decent stake he would be interested in upping its share.
Laroche has operations in the Chablis and Languedoc regions of France and has been operating since 1850.
However the wine producer runs a branded wine business with similarities to New World-style operations. It distributes its products in 75 countries worldwide and has annual sales of A$50m.
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