Conditional Agreement for Purchase of Villa Maria

Indevin, a Marlborough-based wine company has reached a conditional agreement to buy Villa Maria Estate Limited from its parent company FFWL.

FFWL was placed into receivership in May by its bankers Rabobank and ANZ, who are owed nearly $212 million.

The receivers, Brendon Gibson and Neale of Calibre Partners said they had signed a conditional agreement to sell all the shares in Villa Maria Estate after a nine-month sale process by Calibre and UBS. No sale price has been disclosed.

Indevin chairman Greg Tomlinson said adding Villa Maria to its portfolio would fit within its long-term growth strategy and complement its existing business.

If the sale goes ahead, it will include Villa Maria's Marlborough, Hawke's Bay and Auckland wineries, vineyards, supplier agreements, its flagship brand Villa Maria as well as Esk Valley, Vidal and Leftfield.