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
Most listened to
- Lawyer Adina Thorn discusses her decision to launch a class action against Carter Holt Harvey over its Shadowclad product
- FMA's Rob Everett says confidence in capital markets is increasing
- NBR's Rob Hosking says housing and debt are the two things people haven't grasped about Budget 2017
- FNZC's John Norling on last week's star stocks and this week's outlook
- RedShield founder explains what makes his cyber service so attractive to Fortune 500 companies
- NBR Radio: best of the week ended May 26, with Grant Walker