U.S.-based winemaker Foley Family Wines, unit of Foley Family Wines Holdings Inc, has got approval from New Zealand (NZ) government to acquire Central Otago wine estate from winery company Mt. Difficulty.
Under the deal, Foley Family Wines will pay 52 million New Zealand dollar ($35 million) for the Central Otago wine estate, including about 70 hectares (ha) of freehold land and about 110ha of leasehold land at the Bannockburn vineyard.
Foley Family Wines will leverage its networks to increase exports of Mt Difficulty wines by cross-marketing with its existing labels as well as expanding its vineyard restaurant and cellar door which is worth $2 million.
Moreso, Foley Family Wines will also develop a restaurant and a barrel facility at Te Kairanga Vineyard in Martinborough and upgrade its Grove Mill Winery to increase production capacity and boost jobs.