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New Zealand financial services company Booster buys Sileni’s Hawke’s Bay business

New Zealand financial services company Booster buys Sileni’s Hawke’s Bay business

Hawke’s Bay-based Sileni Estates has found a new partner to steer it through “severe headwinds” in the Australian wine market.

Sileni Estates has secured a purchaser for its Hawke’s Bay business to ensure the continued operation and supply of its wine, with New Zealand financial services company Booster, coming on board through its Booster Tahi Limited Partnership.

The business will now operate as Sileni Wines Limited Partnership, recognising the change of ownership and introduction of new capital.

Sileni Estates chief executive Nigel Avery confirmed the Avery family would continue to be involved in running the business, which was founded by Sir Graeme Avery 21 years ago.

“This is a bittersweet day, but we are pleased to have reached a solution to the financial challenges we have been facing,” Avery said.

“We have experienced severe headwinds in our Australian market in recent years. Management and strategy changes in our primary Australian distribution partners has reduced our access to that market. The result has been a significant reduction in sales, which has led to overcapacity in our New Zealand production operation.

“We have therefore been actively seeking investment over the past 12 months as our position has deteriorated. After a thorough evaluation process, we found a partner in Booster. Their understanding of the New Zealand agri-business sector and genuine commitment to help New Zealand businesses thrive are aligned with our company ideals.