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.

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.