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

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news