Network provider Marlborough Lines has invested NZ$89 to buy an 80% stake in the Yealands Wine Group, becoming the majority stakeholder of the wine company.
Peter Yealands, founder of the Yealands Wine Group – which includes Hawke's Bay winery Crossroads and Marlborough-based The Crossing along with Yealands Family Wines – said: 'In looking for an investor we wanted someone who shared our beliefs and who would help us to continue to build the business, both in expanding our fruit supply and in developing our international marketing programme.'
Marlborough Lines is a Kiwi electricity and network provider. Managing director Ken Forrest explained limited investment opportunities in electricity meant the company had been looking for other options. He said the purchase is a good investment for the company and would provide increased dividends to consumers, as well as long-term economic and social benefits to the region.
Marlborough Electric Power Trust chair Ross Inder said the company had made profit from investment outside the region and was now 'pleased to bring [its] investment returns back to Marlborough and give the people of Marlborough significant ownership in the industry which sustains this region'.
Peter Yealands also said the Yealands Wine Group was performing well, with high levels of demands both domestically and abroad, and said the current vintage would be their best yet, with their finest wines to date.
Both Peter Yealands and Yealands Wine Group CEO Jason Judkins will remain shareholders in the company following the transaction.