Indevin agrees to buy Villa Maria
The Marlbrough-based New Zealand wine comapny Indevin has agreed a deal to buy Villa Maria.
Villa Maria, founded by Sir George Fistonch in 1961, is a regular fixture in the higher reaches of the list of the World’s Most Admired Brands published each year by DR’s sister publication Drinks International.
The deal comes after a nine-month search for a buyer after Villa Maria paret company FFWL was placed into receivership.
Indevin chairman Greg Tomlinson said: “Our business model is all about producing quality wines, creating authentic brands, while retaining and building value for New Zealand wine in international markets.
“Adding Villa Maria to our portfolio fits within our long-term growth strategy and will complement our existing business.”
The deal will include Villa Maria-owend brands Vidal, Esk Valley and Leftfield.
Brendon Gibson of receiver Calibre Partners, said: “We are working closely with Villa Maria management and the purchaser to satisfy the sale conditions, which are typical for a transaction of this nature, with a view to settlement on August 31.
"We see this as a good outcome that provides certainty for the business, staff, customers, suppliers and the communities in which Villa Maria operates."