AUS: McWilliams Wines set to take over Evans & Tate
McWilliams Wines is set to become the new owner of collapsed West Australian winemaker Evans & Tate.
Receivers appointed by E&T's bankers ANZ in August confirmed today (24 October) that the Australian family-owned winery has been selected as the preferred buyer for E&T's Margaret River business, the company's biggest operation, which includes the brands Margaret River Classic, Evans & Tate Margaret River, Gnangara, The Reserve and X&Y.
The sale price was not disclosed but is believed to be close to the A$100m (US$89.8m) E&T owed the bank.
Pendulum Capital partner Peter Fogarty, who advised McWilliams on the acquisition, said the buyers were "very good operators and very professional, and that's what this business needs''.
"The fundamental issue was that it needed much better distribution, and global distribution, and McWilliams offers that,'' he said. McWilliam's was appointed to handle E&T's Australian distribution in August.
The sale is expected to complete towards the end of next month.
The receivers are now in discussions with potential buyers of E&T's Oakridge winery in Victoria's Yarra Valley, its only other significant asset, however no return is expected to be made to unsecured creditors owed more than $48m.
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