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

 

Marlborough Lines takes 80% stake in Yealands Wine for $89M

Marlborough Lines takes 80% stake in Yealands Wine for $89 million

By Suze Metherell


July 2 (BusinessDesk) - Marlborough Lines has bought an 80 percent stake in Yealands Wine Group, New Zealand's sixth-largest wine exporter, for $89 million.

The South Island electricity lines company took control from founder Peter Yealands, who wanted to keep the winery fully New Zealand owned, the companies said in a joint statement. Marlborough Lines is debt free and had realised $100 million in cash from investments which it wanted to reinvest locally.


"Opportunities to invest in the electricity industry are limited and this led to us looking to other options," said Marlborough Lines managing director Ken Forrest. "We are satisfied that this will be a successful investment which will broaden our asset base for the benefit of the people of Marlborough."

Last December, Yealands Wine Group hired investment bank UBS to advise on capital-raising options, including a possible initial public offering to expand its vineyard assets and grape supply. The company didn't give a capital raising target at the time. Yealands Wine was created in 2011 through the merger of Yealands Estate Wines and Ager Sectus Wine Estates. It has 1,200 hectares of vines and exports more than 1 million cases a year to over 80 countries.


The company is primarily looking to expand in sauvignon blanc in Marlborough, although the strategic review "will be wide-ranging" it said at the time.


(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Seeking 'Clarity': Crown To Appeal Southern Response Decision, Offers Costs

“It is our intention that the clarity that will come from the outcome of these proceedings will enable the Crown to work with Southern Response to provide a soundly based proactive solution to those people that are affected.” More>>

Thinking Of The Children: Plan For Classification For Commercial Video On Demand

Classifying on-demand video content will be made mandatory to bring it in line with other media and provide better guidance and protections to families and young people, says Internal Affairs Minister Tracey Martin. More>>

Cheques Out: Inland Revenue And ACC Push For Paperless

Inland Revenue and the Accident Compensation Corporation are calling ‘time’ on cheques. From March next year, IR and ACC will no longer accept payments by cheque from customers who are able to use alternative payment options. More>>

ALSO:

"Vision And Growth": Capital Markets 2029 Report

Broader participation by New Zealanders, greater access to growth capital for New Zealand enterprises, and more choices for investors drive the recommendations in the Capital Markets 2029 report released today. More>>

ALSO:

Forest & Bird: Call For More Funding To Stop Plague Of Wallabies

Wallabies could spread over a third of New Zealand within the next 50 years, unless control is increased dramatically, says Forest & Bird central North Island regional manager Rebecca Stirnemann. More>>

ALSO: