Section 12(b) Overseas Investment Act 2005
|Decision Maker||The Minister for Land Information and the Associate Minister of Finance|
|Decision Date||23 August 2019|
|Investment||An overseas investment in sensitive land, being the Applicant's acquisition of 100% of the shares in Accolade Wines New Zealand Ltd of which owns or controls:|
|Consideration||The acquisition was a small part of a Global Acquisition valued at approximately AU$1 billion|
|Applicant||Accolade Wines Australia Limited|
Carlyle Asia Partners IV, L/P. and affiliated/controlled funds (100%)
|Vendor||Canopus Holdings NZ Limited|
Champ III Funds(80.1%)
Constellation Brands Inc (19.9%)
Accolade Wines Australia Limited is acquiring 100% of the shareholding of Accolade Wines New Zealand Limited. This transaction is occurring as a result of an upstream transaction involving a change in the institutional funds owning the parent entity. Accolade New Zealand Limited owns and operates a wine business in New Zealand with two key brands: Mud House and Waipara Hills.
Leases for five vineyards will be acquired as part of the transaction (with one vineyard including a freehold interest in 30 hectares).
If consent had not been granted, the Mud House and Waipara Hills brands would still have passed to the Applicant but the vineyards could not, which would have likely resulted in job losses, especially in the Waipara area.
With OIO consent, the vineyards will continue to be operated as they have been in the past and the Applicant will deliver significant and tangible benefits to the local employment market. The Applicant will continue to trade using the Mud House and Waipara Hills brands. The Applicant has identified Mud House as a priority brand and will invest significant capital in its future growth globally, including through further development of the Claim Vineyard in Central Otago.
|More information||Ben Paterson|
PO Box 8