Billionaire buys Te Kairanga

American billionaire Bill Foley has bought loss-making Te Kairanga Wines - the largest vineyard operator in Martinborough.
Foley Family Wines New Zealand, which already owns the luxury Wharekauhau Lodge in South Wairarapa, on Friday announced the purchase for an undisclosed amount from Wellington investment company Rangatira, which is selling its 34 per cent stake in the winery.
The sale is subject to shareholder and Overseas Investment Office approval that would add the Wairarapa operations to a Foley Family Wines portfolio that also counts among its holdings the $60 million New Zealand Wine Fund, Vavasour Wines and Clifford Bay and has interests in the US and Australia.
Te Kairanga Wines, which was established more than 20 years ago, owns or leases about 100ha of vineyards that produce 70,000 cases annually.
Shares in the winery last changed hands on the Unlisted exchange in December at 50c each, valuing the company at $4.3 million.
Mr Foley said his Fortune 500 firm has entered into a purchase agreement with the winery that includes all the Te Kairanga vineyard holdings and Bruce Clugston, Foley Family Wines New Zealand president, will manage the operation.
"We are very excited about our latest acquisition. Te Kairanga's extraordinary pinot noirs will be a great addition to our New Zealand portfolio plus the historic Martinborough location will allow our customers to take advantage of our nearby luxury resort, Wharekauhau."