Delegat's is to acquire Barossa Valley Estate
Oyster Bay owner Delegat's Group is to purchase Australian winery Barossa Valley Estate for $A24.7 million.
Oyster Bay owner Delegat's Group is to purchase Australian winery Barossa Valley Estate for $A24.7 million.
The troubled winery called in receivers earlier this year.
Assets to be acquired byNew Zealand-based Delegat's include a 5000 tonne winery and a 41 hectare vineyard on 80 hectares of land situated in the heart of the Barossa Valley, along with assigned grape grower contracts. Other assets include inventory and brands including Barossa Valley Estate and the E&E brand.
Delegat's said the acquisition is a "long term investment in growth that will be funded through existing bank facilities".
Delegat's goal is to build on Barossa Valley Estate's position as a producer of Shiraz and to establish it as a "leading super premium Barossa Shiraz brand in global markets". The Group will also target growth from producing and marketing Cabernet Sauvignon from the Barossa region.
Delegat's Group managing director Jim Delegat said: "These wine styles are complementary to the Group's current business and provide an opportunity for substantial future sales growth globally.
"The acquisition of the assets of Barossa Valley Estate is an ideal fit with the Group's portfolio of high quality wine assets."
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