The winery and vineyard assets of the troubled Matariki group - which was placed into receivership last year owing over $11 million - have been snapped up.
NZX-listed Delegat's Group, which is the producer and marketer of Oyster Bay wines, announced this morning they had purchased the winery and vineyard assets of Hawkes Bay's Matariki Wines and an associated company Stony Bay Wines for $8.5 million.
Following the 61-hectare purchase, Delegat's now has 500 hectares of vineyards in the region.
Delegat's managing director Jim Delegat said the deal made sense, given the company already had holdings in the area that were adjacent to the "high-quality, valuable" vineyards bought.
"It's a question now of attaching them to our existing operations, which give us additional scale," Delegat said.
