Hanwood-based wine company McWiIliam’s Wine Group are aiming to take their business “to the next level” after successfully recapitalising with its strategic partner, Margaret River Wine Production Pty Ltd (MRWP).
Margaret River Wines, together with an Australian agricultural fund manager Laguna Bay, has provided McWiliam’s with $15.8 million of capital which will be primarily used to fund working capital.
After experiencing a strong first half trading performance, McWilliam’s is confident in the Group’s long-term prospects, which includes a series of initiatives planned to improve and increase profitability.
This is an exciting next chapter in our history... we can continue to build upon the pioneering spirit that flows throughout this family organisation.David Pitt
With the immediate focus to reset the McWilliam’s business following completion of the recapitalisation, Margaret River Wines has a long-term investment horizon and will be working with McWilliam’s to develop a strategic plan to rebuild the business.
McWilliam’s chief executive officer David Pitt, said they have had a strategic relationship with MRWP for a number of years and this transaction takes the partnership “to the next level.”
“We believe that the expertise and assets within McWilliam’s, MRWP, and the broader Fogarty Wine Group (FWG) can deliver a great outcome for all when we are strategically aligned,” Mr Pitt said.
“This is an exciting next chapter in our history and through the completion of this transaction we can continue to build upon the pioneering spirit that flows throughout this family organisation.”
Chairman of MRWP and FWG Peter Fogarty, said their close working relationship with McWilliam’s will be furthered by looking to jointly expand both in Australia and internationally.
“David and I are aligned on strategy and look forward to seeing benefits across our respective businesses,” Mr Fogarty said.
“We welcome Laguna Bay as an investor in our Group to assist us in driving further growth.”
This transaction is part of a broader investment by Laguna Bay in Margaret River Wines and Fogarty Group.
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