Tim Matz, president of Foley Family Wines, announced that the company has signed of a Heads of Agreement with NZWT.
The Heads of Agreement -- very similar to the US’s version of a Stock Purchase Agreement and a Letter of Intent to Purchase -- was signed with the intention of taking full ownership of NZWT and their related brands. These brands include Vavasour, Goldwater, Clifford Bay, Boatshed Bay, Dashwood and Redwood Pass.
Matz said: “It’s still very early in the process, but we are extremely enthusiastic about the possibilities of this acquisition. In recent years New Zealand has been brought to the forefront of our industry and is now considered one of the great regions in the world to grow world-class wine. This new development will present Foley Family Wines with an even greater opportunity to add more value and variety to our customers and our consumers alike.”
Foley Family Wines manages a portfolio of vineyards and wineries in California and the Pacific Northwest, including, Foley Estates and Winery, Lincourt Vineyards, Kuleto Estates, Firestone Vineyards, Sebastiani Vineyards, Merus, Altus, Goodnight Cellars and Three Rivers Winery.