Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Delegat's buys Barossa Valley off receivers for A$24.7M

Delegat's buys Australia's Barossa Valley Estate assets out of receivership for A$24.7M

By Paul McBeth

April 26 (BusinessDesk) - Delegat's Group has bought the assets of Australia's Barossa Valley Estate out of receivership for A$24.7 million, just two months after snapping up the distressed vineyard and winery assets of Matariki Wines and Stony Bay Wines.

The Auckland-based winemaker, whose stable includes the Oyster Bay brand, will acquire a 5,000 tonne winery, a 41 hectare vineyard in the Barossa Valley, grape grower contracts and inventory and brands, it said in a statement. The deal is expected to settle in June, and will be funded through existing bank facilities.

"The acquisition of the assets of Barossa Valley Estate is an ideal fit with the group's portfolio of high quality wine assets," managing director Jim Delegat said. "These wine styles are complementary to the group's current business and provide an opportunity for substantial future sales growth globally."

Barossa Valley’s wines include the E&E Black Pepper shiraz, which retails at A$89.99 a bottle for the 2006 and upwards of A$150 a bottle for earlier vintages at the Dan Murphy’s liquor chain. It also has moderately priced wines such as the Barossa Valley Estate E Minor at A$12.90 a bottle.

Delegat's has been buying up rival wineries in recent months, purchasing the Hawkes Bay assets for $8.5 million in January, and two Marlborough properties through the latter half of last year.

The company lifted first-half profit 31 percent to $19.3 million through the second half of 2012, on flat sales of $129.1 million.

The shares were unchanged at $3.78 and have climbed 28 percent this year. The stock is rated an average 'outperform' based on three analyst recommendations compiled by Reuters, with a median target price of $3.55.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news