Yealands Estate sold to local power company

Yealands Estate founder Peter Yealands has sold his remaining share in the business to electricity network company Marlborough Lines for an undisclosed sum.  

The remaining 14% of Yealands Wine Group was acquired by the power company on July 2nd, and on the same day Yealands quit as director of the business  which he established in 2002 and built into a company with a turnover of $100m.  

David Dew, chairman of Marlborough Lines, said that the purchase of the remaining shares was part of a long term strategy dating back to its original 2015 investment of NZ$89m for 80% of the wine company. Since then Marlborough Lines has received more than $9m in dividends.  

“It was always intended that we’d be the buyer of his shares,” Dew told Stuff, adding that Yealands would still be involved in the company but at the age of 70, soon wanted to retire from full time work.  

The shares acquired by the electricity company would have been valued at around $16.7m based on previous transactions, though Dew said that the deal “took into account current value for assets and all those sorts of things.”  

According to the Marlborough Lines 2017 annual report, the equity in Yealands Wine Group held by Peter Yealands was worth over NZ$27m.  

Yealands Wines has more than 1100 hectares of vines planted at its two vineyards in Seddon and Hawke’s Bay, and employs around 130 staff. Since its establishment it has become one of the world’s top producers of Sauvignon Blanc.