Barely two weeks after acquiring California’s Daou Vineyards, Treasury Wine Estates has made another purchase this week that will increase its production footprint in New Zealand by around 50%.
The company, which owns the Matua and Squealing Pig New Zealand wine brands, has spent an undisclosed sum on 245 hectares of vines on the country’s South Island. The move to “increase supply of highly sought-after lighter varietals including Sauvignon Blanc and Pinot Noir, which continue to grow in popularity with consumers around the world”, adds to Treasury’s 505 hectares of vineyard in the country’s Marlborough region.
Included in the deal is the site’s own reservoir.
“The acquisition of the new vineyard … is an important step in expanding our premium wine portfolio and ensuring we remain in front of evolving consumer preferences,” said chief supply & sustainability officer Kerrin Petty.
Following news of Treasury’s up-to-US$1bn Californian play last month, Treasury Americas president Ben Dollard told Global Drinks Intel that Daou Vineyards is “a perfect complement” to the company’s line-up of brands. “It feels like a very important strategic fit in terms of how we’re thinking about growth and the consumer here in the US and abroad,” he said last week.
