Australian listed wine investor International Wine Investment Fund has substantially increased its stake in West Australian producer Evans & Tate, takings its holding from less than 1% to 9%. The deal cost more than A$9m (US$5.9m).
IWIF has been cash rich since the disposal of its shares in the BRL Hardy Group of which it was the major shareholder.
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Berren Asset Management, which operates IWIF, said Evans & Tate had the opportunity to evolve as one of the leading mid-size groups in the rationalising Australian and international wine industries.
