The Saint James Company has entered into an agreement to acquire three New Zealand wineries.

The US-based company said today (19 March) that it will acquire the capital stock or assets of independent wineries Lawson Dry Hills, Waimea Estates, and Gravitas Wines.

Financial terms behind the purchases were not disclosed.

Wayne Gronquist, president of The Saint James Company, said: "This portfolio of New Zealand wineries and vineyards represents world class wine estates that have cumulatively won an impressive number of trophies and gold medals honouring their excellence."

Gronquist added: "The New Zealand wine industry has demonstrated dramatic growth and increasing global demand for their products, while maintaining strong price points and net margins. The Saint James Company expects to generate substantial revenues from this portfolio once we begin to import these wines into the US and UK markets."