Major brands of wine for sale: “There would be interest”
The wine industry expects there to be strong interest in a pair of top wine brands that have been forced into sales.
Hawke’s Bay and Marlborough winemaker Sacred Hill was placed in receivership last week, owing nearly $ 100 million to his banker.
The receivers, BDO, said they were in the process of selling the company and its assets.
In addition, Villa Maria had gone through a high-profile process to find a new owner after its parent company went into receivership in May, owing more than $ 200 million to its bankers.
“There are always wineries that are being sold and at the moment two larger ones happen to be for sale,” said Philip Gregan, managing director of New Zealand Winegrowers.
“I’m not sure the industry cares too much about it.”
Gregan was reluctant to comment on the situation each business faced as he was unaware of the details, but said there had been a lot of interest in investing in the local wine industry.
“In essence, New Zealand wine is very successful in the international market and on that basis one would assume that there would be interest in these brands,” he said.
Villa Maria had been on the market since February, Australian media reported, but no buyers had been found.
A valuation of $ 200 million has been placed on the company.
Apple exporter Scales Corporation was initially among the interested parties vying for the wine giant, but opted out in June.