Pernod Ricard NZ is selling some of its Gisborne and Hawke's Bay wine brands and assets to Lion Nathan NZ and its joint venture partner Indevin for $88 million cash.
Pernod Ricard is selling 12 brands to Lion Nathan, while Indevin will take ownership of the Gisborne Winery, all company-owned vineyards
in the Gisborne region and the Twin River's vineyard in Hawke's Bay.
Indevin is an independent contracting winemaker and wine making service provider, operating two wineries in Marlborough and Hawke's Bay.
The sale is subject to Overseas Investment Office approval.
The sale includes the sparkling brands Aquila, Bernadino, Chardon, Lindauer and Verde and seven brands in Pernod Ricard's still wine portfolio, including Bensen Block, Corbans, Huntaway, Jackman Ridge, Riverlands, Saints and Timara.
Pernod Ricard NZ managing director Fabian Partigliani said the company would continue in New Zealand with the Brancott Estate, Stoneleigh, Church Road, Deutz, Boundary and Triplebank brands.
