Cockatoo Ridge Wines is looking to raise funds for an acquisition. The winemaker today placed 7.7m shares at A$0.65 each to a range of overseas and local institutional clients of Blackwood Capital, to raise A$5m. Cockatoo will use the funds to acquire the wine trademarks and associated inventory of International Vintners Pty Ltd.

The acquisition, which will be earnings accretive immediately, is expected to cost A$4.6m.

Speaking to Australian Business News, managing director Ivan Limb said: "These brands are a perfect fit for Cockatoo Ridge.

"It fills an important gap in our product portfolio, giving us a presence in the premium product market," Limb added.