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20 March 2006

Pioneering wine companies Vavasour and Goldwater Merge

Two of New Zealand’s pioneering wineries today announced a merge potentially creating one of the largest New Zealand owned wine companies.

The Executive Chairman of The New Zealand Wine Fund Limited, owner of Vavasour Wines, Mr David Belcher made the announcement today with Kim and Jeanette Goldwater as both companies head into a very promising 2006 vintage.

“We are excited by the opportunity to expand the business with the addition of the Goldwater and Boatshed Bay brands by the merging of these two pioneer winegrowers.” Mr Peter Scutts, CEO of The New Zealand Wine Fund and Vavasour Wines, said today. “Vavasour, as pioneers of the Awatere Valley in Marlborough and Goldwater having pioneered winegrowing on Waiheke Island, will both continue to be committed to producing the highest quality wines aimed at the premium and ultra premium sectors of the market” says Mr Scutts.

Both companies currently export approximately 70% of their production. The merger, taking effect on 3 April 2006, will enable Vavasour & Goldwater to take better advantage of the global opportunities for Marlborough Sauvignon Blanc.

“We are very excited by the opportunities that joining with the New Zealand Wine Fund provides, particularly the shared vision of quality and the ability to take advantage of unsatisfied export demand” says Kim Goldwater, who will join the Board of The New Zealand Wine Fund Limited.

The merger includes a one-third ownership, with Matua Wines and Babich Wines, of Rapaura Vintners Limited, one of the largest production facilities in the Marlborough region. Although Goldwater was originally established on Waiheke Island, over 90% of its production is now in Marlborough.

This year the combined production of Vavasour and Goldwater will increase to approximately 2,600 tonnes. The company will continue to grow its stable of brands using both the Vavasour’s Awatere Valley winery and Rapaura Vintners production facilities in the Wairau Valley.

“The company expects to achieve sales in excess of 220,000 cases over the next two and a half years, heading to approximately 300,000 cases over the next five years” says Scutts.

Vavasour/Goldwater will join Delegats and Villa Maria as one of the largest New Zealand owned wine companies.

The New Zealand Wine Fund was created by Clavell Capital Limited in 2002 with the aim of building a Marlborough Sauvignon Blanc predominant export wine business making and selling premium and ultra premium wines.

In mid 2003, The New Zealand Wine Fund acquired Vavasour Wines, which makes and markets wines under the Vavasour, Dashwood and Redwood Pass labels. The merger with Goldwater will see the addition of the Goldwater and Boatshed Bay labels to this portfolio.

As a result of this acquisition/merger Kim and Jeanette Goldwater will own approximately 20% of The New Zealand Wine Fund. The New Zealand Wine Fund is a private equity style investment vehicle with approximately 20 shareholders, including Messrs Belcher and Scutts.

Media advisory: For further information, comments, interviews or photos contact David Belcher on 09 353 1080, Peter Scutts on 09 353 1080 or Kim Goldwater on 09 372 7493.

Q & A

"Taking advantage of global opportunities"

1. Who are the entities merging?

Vavasour Wines Ltd is a wholly owned subsidiary of The New Zealand Wine Fund Ltd, a private equity investment vehicle with approximately 20 shareholders. Vavasour pioneered winegrowing in the Awatere Valley of Marlborough and currently produces wine under the brands Vavasour, Dashwood and Redwood Pass. It has the only winery in the Awatere Valley.

Goldwater Estate Ltd is owned by Kim and Jeanette Goldwater and pioneered winegrowing on Waiheke Island in 1978. It is a 1/3rd shareholder in Rapaura Vintners Ltd, a large contract winemaking facility in the Wairau Valley of Marlborough. It produces wine under the Goldwater and Boatshed Bay brands.

2. Why are NZWF/Vavasour & Goldwater merging?

NZWF was created to build a large New Zealand owned wine company capable of taking advantage of the global export opportunities for Marlborough Sauvignon Blanc and other premium wines. Having acquired Vavasour, it intended to fulfil its plan by strong market-driven organic growth and acquisitions. Goldwater shares this vision.

3. What prompted the merge?

Vavasour and Goldwater acknowledge, and are focussed on, the need for growth. You need size and scale to maximise the opportunities in both domestic and export markets.

The merger satisfied for Goldwater the need to access more capital and for Vavasour the need to access more fruit - Marlborough Sauvignon Blanc and production capacity.

It is a natural fit with both companies committed to quality and the production of premium and ultra premium wines.

Both companies see the benefits of size on the international market and are geared for growth with their winery capacity and vineyards capability to meet demand.

4. What are the immediate and long term benefits?

The combination of the Vavasour, Dashwood and Redwood Pass brands with the Goldwater & Boatshed Bay brands broadens the company’s capability to satisfy market driven demand.

The combined capacity of the two Marlborough wineries, one in the Wairau and the other in the Awatere Valley, is a platform for the desired programme of growth.

5. Will there be any change in labels?

In the short term, we will see the launching of a Goldwater Boatshed Bay Marlborough Sauvignon Blanc.

6. Will there be any change in structure at both companies/wineries?

Vavasour and Goldwater will continue to operate as separate brands while utilising the economies of scale and taking advantage of continuity of supply.

7. Does any money change hands?

It is a substantial transaction which reflects the quality of the Goldwater product and brand. Kim & Jeanette Goldwater will receive 1/3 of the consideration in cash with 2/3 being reinvested in the NZWF resulting in them becoming approximately 20% shareholders.

Kim Goldwater takes a seat on the NZWF Board.

8. What is the total combined capacity of the two wineries?

With the three wineries combined - 1/3 share of Rapaura Vintners Limited (8,000 tonnes) and 2,000 tonnes at the Vavasour Awatere winery and Waiheke – means that the merged company will have the capacity to process 4000 tonnes or approximately 300,000 cases.

9. How many other NZ owned category three (200,000 cases plus) wine companies are there now?

Two - Delegats and Villa Maria.

NZWF/Vavasour/Goldwater will within a short time become the third NZ owned category three wine company.

10. Will the merged operations be able to increase export capacity?

Yes, almost immediately. Both companies currently operate at 70% export 30% domestic sales. The merged company believes a ratio of 80% export and 20% domestic is a realistic goal.

11. Will the public notice any difference?

One of the benefits of the merger will be the potential to always improve quality - with the broader site selection for the different brands and the influence of winemaker Glen Thomas with over 20 years of Sauvignon Blanc experience in Marlborough.

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Kim and Jeanette in India - November 2005

Our founders Kim and Jeanette Goldwater, recently spend an exciting 2 weeks in balmy India, hosted by Global Tax Free Traders, our distributors in India . Both arrived back feeling excited about the ongoing opportunities for wine sales in India. To read about some of their highlights, visit this link.

Media release – July 8, 2005

Celebrities to be sold off in Goldwater Wine Challenge

Famous New Zealand wine celebrities will be auctioned off at Goldwater’s Wine Challenge on Waiheke Island on September 23.
Winemakers and wine celebrities will be put up for auction and the highest bidder will ‘win’ a celebrity to join their team in a blind tasting quiz.
``We don’t believe this has never been done before. We hope to raise $25,000 for the local Te Huruhi Primary School’s performing arts stage lighting and sound,’’ spokeswoman Gretchen Goldwater said today.
``The school hall is a community facility so the benefit runs wider than just the school.’’
The wine experts up for auction are Neill Culley (Cable Bay), Mike Hutcheson (advertising specialist), Kim Goldwater (Waiheke pioneer), John Hawkesby (ex-Tv3 and local winemaker), Martin Pickering (Mudbrick), Herb Friedli (Te Whau, Kennedy Point), Keith Stewart (wine writer), Joelle Thomson (wine writer), Ross Spence (Matua), Lauraine Jacobs (food writer).

The charity event will be host by Bob Campbell MW and sponsored by Kellands Real Estate. Goldwater will also release their new 2005 Rosie Rose pinot noir from Marlborough.

``We have also just released a new range of wines called Boatshed Bay. They are chardonnay and merlot / cabernet from Waiheke Island.

``We will also have on show our Houston wine auction commemorative Belt Buckle. We won this after our six litre Goldwater New Dog Marlborough sauvignon blanc 2003 sold for a record US$10,000,’’ Ms Goldwater said.

The price paid is the highest for any bottle of New Zealand wine. Goldwater was named the champion sauvignon blanc at the Houston Rodeo International wine competition and auction in Texas.

Goldwater only produced two six litre imperial bottles of 2003 New Dog. The other imperial bottle was bought by leading New Zealand businessman Graeme Hart for just $810 at Goldwater’s annual charity auction on Waiheke Island earlier this year.

Goldwater celebrated its record 20th vintage release in February. Ms Goldwater said they aimed to become a New Zealand household name in wine. They already export to more than 25 countries.

Media advisory: For further information, photos or interviews contact Gretchen Goldwater on 09 372 7493 or 027 292 8490 or Kip Brook at Word of Mouth Media NZ on 03 3745426 or 0275 033855

Media Release – April 18, 2005

Goldwater one of best wines in world – says London international trade fair judges

One of New Zealand’s top wine labels Goldwater has been judged one of the best wines in the world, according to the London International Wine & Spirit Fair.

Goldwater has been selected as a top 100 winery of the world to celebrate the 25th anniversary of the London International Wine and Spirit Fair.
To celebrate their 25 years, the fair organisers created a new feature to showcase the best wineries from the world’s key producing countries.
The judging panel comprised five respected UK wine writers. Each judge was asked to select the top white and top red wineries from each participating country which in his opinion were best in terms of quality, consistency and value for money.
Goldwater’s flagship red was named one of the best reds from New Zealand. Only five New Zealand red wines were selected to represent the top 100 wineries of the world. Goldwater is in good company with Mount Difficulty, Felton Road, Craggy Range and Te Mata also selected.
The success provides Goldwater with a chance to promote New Zealand wines at the wine industry’s leading annual international exhibition.
Gretchen Goldwater said the London fair appointment was a ``a fantastic opportunity to showcase our wines and an honour to be selected for our reds’’.

``This is not just a vote for us but also for Waiheke Island as a red wine growing region. It is also a privilege to be selected with the other four wineries. We have previously won awards for our wines at the London fair.

The Goldwater Zell Waiheke Island Chardonnay 2000 won a previous gold medal at the competition - another vote for Waiheke,’’ Ms Goldwater said.

A wine auction in Texas last month saw a six litre Goldwater New Dog Marlborough sauvignon blanc 2003 sell for US$10,000, which was believed to be the highest price ever paid for a bottle of New Zealand wine.

The auction was part of the Houston Rodeo International Wine Competition and Auction in Texas.

``Since achieving that record price, sales have gone through the roof when people realised they can buy the wine for only $19.95 off the shelf,’’ Ms Goldwater said.

The wine company has celebrated its record 20th vintage release last month. Ms Goldwater said they aimed to become a New Zealand household name in wine.

Goldwater has grown from 200 cases of cabernet sauvignon in 1982 to become one of 40 NZ wineries with sales of over 200,000 litres, from three regions – Marlborough, Hawke’s Bay and Waiheke Island.

Ends

Media advisory: For further information, photos or interviews contact Gretchen Goldwater on 09 372 7493 or 027 292 8490 or Kip Brook at Word of Mouth Media NZ on 03 3745426 or 0275 033855

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New Dog Rounds up Double Gold at Rodeo

Waiheke Island winegrower, Goldwater Estate, has won Double Gold in the Houston Rodeo International Wine Competition 2005 in Texas, USA.

The Goldwater New Dog Sauvignon Blanc stood out from over 1200 international wines to take home the Champion Sauvignon Blanc Award, receiving a Double Gold medal in the process.

As a Champion wine of the competition Goldwater has been invited to submit a 6lt bottle of the New Dog to be specially engraved and put up for auction at the Rodeo Uncorked! Champion Wine Auction on March 5, 2005.

All the winning wines will be served at the Rodeo Uncorked! (or in this case Unscrewed!) Grand Tasting and Best Bites Competition on February 28, 2005.

Goldwater has been exporting to the United States for over ten years. New Dog has consistently been rated as one of the finest New Zealand Sauvignons. The wine, formerly known as Dog Point, is produced from Goldwater’s contracted vineyards in Marlborough.

Goldwater winemaker Nikolai St George is delighted with the award. “The Americans have always enjoyed our bright, ripe, fruit driven style of Sauvignon Blanc, even in Texas it would seem.”

For more information about the Rodeo event visit:
http://www.rodeohouston.com/events/winecompetition.aspx

Goldwater National Art Award 2004

MEDIA RELEASE 1 SEPTEMBER 2004

NATIONAL AWARD FOR TWO-DIMENSIONAL ART. PRIZE: $3,000

The countdown is beginning for the Goldwater Art Award 2004, which will be judged this year by renowned New Zealand artist Dick Frizzell.

The Goldwater Art Award, created in 2001, has become a highly successful addition to the New Zealand Arts calendar. The Award is a partnership between Waiheke winemakers Goldwater Estate and the Waiheke Community Art Gallery.

Last year’s Goldwater Art Award attracted over 130 entries. The 25 works selected for the Award Exhibition “pushed the boundaries” in terms of quality, range of subject matter, media and style.

2004 JUDGE - DICK FRIZZELL:
Frizzell began his career in the 1970s as a “renegade pop artist” (Sarah Stuart, Sunday Star Times). His work is characterised by endlessly changing subject matter and styles, from figurative still-lifes to comic book characters. He has a background in advertising and has worked variously as commercial artist, illustrator, animator and art lecturer (Elam School of Fine Arts). Frizzell’s recent work returns to the comic book style of his earlier series and demonstrates his attachment to paint and painterly techniques. Works by Dick Frizzell are held in all the main public and corporate collections throughout New Zealand.

Last year’s award winner was Auckland artist Seung Yul Oh for his work titled Dirp. Previous winners include Northcote painter Sharon Vickers (2002) for her work Behind a Head (21 hours of rear vision) and Nelson-based artist Patrick Malone (2001) for his work Orb of Life and Light.

Selections for the final exhibition will be announced on 19 October and the overall award winner for 2004 will be announced during the ceremony at the Waiheke Community Art Gallery on Saturday 23 October at 5pm.

The exhibition will run from 22 October to November 11. 10am-4pm, 7 days. Admission: free.

To view photos of the previous winning works see our Art Award page

For further information or images, contact Jackie O’Brien:
Waiheke Community Art Gallery, 2 Korora Rd, Oneroa.Tel: (09) 372 9907
Email: manager@waihekeartgallery.org.nz www.waihekeartgallery.org.nz

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New Dog - New tricks for Goldwater Marlborough
Sauvignon Blanc

The success of Goldwater Estate's Sauvignon Blanc from Marlborough has prompted two changes for the 2003 vintage.

The wine formerly known as 'Dog Point' has become 'New Dog' - or Goldwater New Dog Marlborough Sauvignon Blanc to give its full pedigree title - and it comes with the latest screwcap closure - our guarantee of absolutely pristine wine quality.

The name change comes as Goldwater Estate has entered into several new partnerships to plant vineyards on specially selected sites in the Marlborough region.

Goldwater Estate's winemaker, Kim Goldwater, commented "This wine has a lot to live up to. When you have wine writers saying it's among their top Sauvignon Blancs ever or among the top 100 white wines in the world, then you think hard about making any changes."