AUCKLAND, New Zealand, June 29, 2012 /PRNewswire/ -- Foley Family Wines New Zealand (FFWNZ) announced the signing of a conditional agreement to merge with The New Zealand Wine Company (NZWC). The Merger Agreement will be completed once certain conditions are met, the two substantive conditions being:
- NZWC shareholders approve the proposed merger with FFWNZ at a Special Meeting of Shareholders proposed to be held on Tuesday, 14 August 2012.
- FFWNZ obtains the consent of the Overseas Investment Office (OIO).
Once the conditions are satisfied, FFWNZ will assume a controlling interest in NZWC with 80% of the issued share capital.
According to Bill Foley, "This merger is a key component to our New Zealand strategy. The strong growth of our New Zealand wine brands, along with a couple of short vintages has left us challenged to meet our demand. With this plan we will gain much needed supply, as well as the Grove Mill, Sanctuary and Frog Haven brands to add to our robust portfolio." The deal will give FFWNZ access to nearly 200 more hectares of vineyards in Marlborough.
This caps off a very busy season for Bill Foley in New Zealand. FFWNZ's CEO Mark Turnbull stated, "Last week we introduced the Wharekauhau Wine and Food Society (www.thesociety.co.nz) during a dinner at Masterchef Simon Gault's Euro restaurant in Auckland, followed by a sold out dinner at restaurateur Steve Logan's Logan Brown restaurant which was attended by the New Zealand Prime Minister. With the continued growth of the FFWNZ wine brands, the launch of the Wharekauhau Wine and Food Society and our online wine exchange planned to go live in July, we are extremely excited about our New Zealand businesses."
About Foley Family Wines
Foley Family Wines was established by Bill Foley in 1996 with the acquisition of Lincourt Vineyards in California's Santa Ynez Valley. Since then, Foley Family Wines has grown to become a major producer, marketer and distributor of highly-acclaimed, handmade wines from some of the world's greatest vineyards. Every brand in the company's portfolio is distinct and autonomous with its own identity, style, techniques and personnel. Foley Family Wines owns the following properties: Foley Estates (Santa Rita Hills, CA), Foley Johnson Winery (Rutherford, CA), Lincourt Vineyards (Solvang, CA), Merus (Napa Valley, CA), Chalk Hill (Sonoma County, CA), Sebastiani (Sonoma County, CA), Kuleto (Napa Valley, CA), Altvs (Napa, CA), Foley Johnson (Rutherford, CA), Three Rivers Winery (Walla Walla, WA), Firestone Vineyard (Santa Ynez Valley, CA), Eos (Paso Robles, CA), Vavasour (Marlborough, New Zealand), Clifford Bay (Marlborough, New Zealand). Bill Foley is currently Chairman of the Board of Directors for Fidelity National Inc and Executive Chairman of Fidelity National Information Services. Both are Fortune 500 companies.
SOURCE Foley Family Wines