Consolidation in the wine-making industry is continuing with Delegat's Group paying $8.5 million for the vineyard and winery assets of Matariki Wines and Stony Bay Wines, which are in receivership.
The deal allows the listed owner of the Oyster Bay wine brand to increase its vineyard holdings in Hawke's Bay by 61ha to 500ha.
"The acquisition of this property now means Delegat's owns 20 percent of the prime Gimblett Gravels appellation," managing director Jim Delegat said.
The vineyard purchased is planted with merlot, cabernet sauvignon and syrah, and the winery has a processing capacity of 600 tonnes.
During the last six months, Delegat's has also bought two properties in Marlborough – a 121ha vineyard in the Wairua Valley and 91ha of bare land in the Awatere Valley.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- John Key: I won't take a traditional role after being PM
- OECD blames stalled world growth on central bank 'distortions'
- Bankruptcy for Bryers’ former Aussie boss
- Warehouse lifts staff entitlements provision 37% with holiday backpay looming
- Affco tried to gag union badmouthing Talleys as condition of meat contract talks
Most listened to
- Knewe Biosystems founder Dr Graeme Coles discusses the future of his product
- Media Snapchat: NBR’s Nick Grant ponders the Human Rights Commission’s role in RHOAKL racism row
- Craigs' Mark Lister on good equities returns for the September quarter to date
- 'It had become far too complicated so we threw it all out the window' – Jane Wrightson on NZOA's new funding model
- Matthew Hooton's picks for Key's next cabinet