Waipara Hills Wine Estate To Buy Canterbury House

News Release 1 May, 2006

Waipara Hills Wine Estate To Buy Canterbury House

In a move to capitalise on the exciting future of New Zealand’s Waipara wine region, Waipara Hills Wine Estate Ltd has entered into an agreement to purchase the assets of one of the area’s largest producers, Canterbury House.

As a result, Waipara Hills Wine Estate becomes the largest Waipara-based wine company with ownership of more than 200 hectares of premium-producing vineyards in the region.

To date the company has been based in Christchurch with most of its brand value focused in Marlborough. However this acquisition will see the company re-locate to Canterbury House’s iconic building on State Highway One at Waipara.

Significant expansion and an upgrade of the existing winemaking facilities are planned in order to accommodate the company’s Waipara and Central Otago production, while the Marlborough production will continue to be handled through Waipara Hills’ existing winery in Blenheim.

The purchase will be settled simultaneously with the previously-announced merger of Waipara Hills Wine Estate Ltd and New Zealand Vineyard Estates Ltd due for completion at the end of next month.

The existing shareholders in Canterbury House will take an interest in Waipara Hills Wine Estate Ltd, ensuring their continued involvement in the region’s wine industry.

Not ruling out further expansion, director Neil Charles-Jones said: “The purchase of Canterbury House is an exciting step for the company allowing the Waipara Hills brand to become synonymous with the Waipara region.

"However we remain open to the possibility of further New Zealand brand acquisitions, provided such opportunities increase profitability and shareholder value.”

Both companies have an impressive track record in wine competitions with a combined total of 13 trophies and 45 gold medals in recent years.

ENDS