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

 

CORRECT: US billionaire Foley may buy Martinborough Vineyard

CORRECT: US billionaire Foley may buy Martinborough Vineyard

(Corrects second paragraph to show purchase would be through listed entity)

Feb. 3 (BusinessDesk) - American billionaire Bill Foley may add to his wine interests in the Wairarapa region with the acquisition of pinot noir pioneer Martinborough Vineyard Estates.

Foley, through NZAX-listed Foley Family Wines, hasn’t yet gone through the due diligence process and isn’t at the stage of agreeing a price for the Martinborough vineyard, said chief executive Mark Turnbull. The parties are aiming to complete the transaction by March 31.

The business would add to the Te Kairanga Wines company, just down the road in the town of Martinborough that Foley acquired in 2011. Foley has been expanding his wine interests while building what Turnbull has called a vertical integration strategy which has included taking a 24.9 percent stake in celebrity chef Simon Gault’s Nourish Group restaurant chain.

Martinborough Vineyard describes itself as a trailblazer in pinot noir in the southern Wairarapa, establishing its first vines in 1980 and helping build the region’s reputation for producing the notoriously fickle variety.

Foley Family stock was last at $1.70 and has gained 48 percent in the past year, outpacing the NZX 50 Index’s 15 percent gain.

Foley is following the pattern he mapped out in the US where he owns vineyards and interests in about 700 restaurants. His New Zealand holding company owns 80 percent of NZAX listed Foley Family Wines and a half stake in distributor EuroVintage. He also owns the luxury Wharekauhau lodge in the Wairarapa.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: RBNZ To Implement $30bn Large Scale Asset Purchase Programme Of NZ Govt Bonds

The Monetary Policy Committee (MPC) has decided to implement a Large Scale Asset Purchase programme (LSAP) of New Zealand government bonds. The negative economic implications of the coronavirus outbreak have continued to intensify. The Committee ... More>>

ALSO:

Elevate NZ: Venture Fund To Lift Productivity

The Government’s new $300 million venture capital fund - announced in last year’s Budget – is now open for business as the Elevate NZ Venture Fund. Finance Minister Grant Robertson says lifting New Zealand's productivity requires well-functioning ... More>>

ALSO:


COVID-19: Case Confirmed In NZ – Expert Reaction

After spreading across the globe for months, the first case of COVID-19 has been reported in New Zealand. The Ministry of Health says the risk of a community outbreak is low, due to their preparedness and the high awareness of the disease. The Science ... More>>

ALSO:

Agriculture: New Legislation To Boost Organics

New organics legislation will boost consumer confidence and help grow an innovative sector, says Food Safety Minister Damien O’Connor. “The Organics Product Bill, introduced to Parliament this week, aims to increase consumer confidence when purchasing ... More>>

ALSO:

Biodiversity Policy: Misinformation Circulating

Forest & Bird is concerned at misinformation circulating regarding a policy statement aimed at protecting New Zealand’s unique biodiversity. The National Policy Statement for Indigenous Biodiversity is being consulted on by the ... More>>

ALSO: