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Allan Yeo
The high-profile Nelson winery went into receivership as its owner became embroiled in a bitter legal fight with a Las Vegas businessman.
KiwiSaver provider Booster spotted the opportunity to add the site to its other wine investments: Awatere River, Waimea Estates, Bannock Brae and Sileni Estates.
The fund manager said the purchase, and formation of Booster Wine Group, would create a new investment opportunity for members.
“Most New Zealand wineries, as small independent businesses, have always been challenged by scale. The Booster Wine Group allows our wineries to focus on what they do best – produce world-class wine, while still remaining Kiwi owned and operated,” said managing director Allan Yeo.
“The wine industry is one of New Zealand’s most successful exports. We’re pleased to be keeping a piece of it in local ownership and giving everyday Kiwi investors the chance to share in its success.”
He said only a fraction of KiwiSaver money was being invested in New Zealand businesses at present.
Booster has several other investments in its pipeline which are expected to be finalised and announced this year.
“Booster Tahi helps invest Kiwi savings back into successful New Zealand businesses to help fulfil their growth potential and to keep them Kiwi owned. While our initial focus has been on horticulture investments in wine, kiwifruit and avocados, we see exciting opportunities in other areas as Tahi grows,” Yeo said.
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