Langbahn Team – Weltmeisterschaft

Michael Erceg

Michael Erceg
Born
Michael Anthony Erceg

26 March 1956
Died4 November 2005
Cause of deathHelicopter crash
NationalityNew Zealand
EducationKelston Boys High School
Alma materUniversity of California, Berkeley
OccupationBusinessperson
Years active1980s-2005
Known forFounding Calypso Beverage Company Ltd (renamed Independent Liquor)

Michael Anthony Erceg (26 March 1956 – 4 November 2005) was a New Zealand businessman who founded Independent Liquor, which was New Zealand’s largest independently owned liquor distributor, known for its Ready to Drink (RTD) brands such as KGB, Woodstock and Vodka Cruisers.[1]

At the time of his death in 2005, Erceg as one of the New Zealand's wealthiest individuals.[2]

Early life

Erceg was born in West Auckland[citation needed] in to a Croatian winemaking family[3] who operated Pacific vineyard in Te Atatū South.[citation needed] He attended Kelston Boys High School.[3] He was one of four children. Erceg was a top pupil, who skipped sixth form and was awarded Dux of Kelston Boys High School in 1972.[3]

Erceg earned his PhD nine years later, from the University of California, Berkeley, and went on to teach math at university level.[3]

Business career

Founding Independent Liquor (1987-2000)

Erceg soon returned to New Zealand to help with his ailing father's wine business in West Auckland.[4] However, after a family disagreement over the direction of the wine company, Erceg left the company and formed Calypso Beverage Company Ltd in 1987. This business evolved to Independent Liquor.[4]

Independent Liquor became New Zealand’s largest independently owned liquor distributor, known for its Ready to Drink (RTD) brands such as KGB, Woodstock and Vodka Cruisers.[1] Erceg relied upon alternative marketing strategies to combat the larger players in the New Zealand alcohol industry. He provided incentives to their retail customers that helped them increase their profit margins.[4]

Growth and sale (2001-2005)

In November 2005, his personal fortune was estimated at $600 million, making him the second richest man in Auckland.[3] At the time, Independent Liquor had become the third largest liquor distributor in the country with a 65% market share for RTDs. Independent Liquor was also exporting their products to 70 countries.[3]

After his death in 2005, Independent was put up for sale. Erceg's family oversaw the sale of Independent Distillers Group in December 2006 to CCMP Capital Asia and Pacific Equity Partners. The amount was undisclosed, but reported in the press to be for $864 million.[5] The sale of Independent Liquor was approved by Erceg's widow in late 2006.[6] Independent was later sold to Asahi for $1.5 billion[7] in 2011.[8] On July 1, 2019, Independent Liquor (NZ) Ltd officially changed its name to Asahi Beverages (NZ) Ltd.

Personal life and death

He and his wife Lynnette married later in his life. He has a stepson.[3]

In November 2005, Erceg died in a helicopter accident,[9] leaving widow Lynette Erceg and step son Matthew Pringle, along with siblings Ivan, Vinka and his mother Millie Erceg. The helicopter he was piloting crashed near Raglan, New Zealand. Also killed was his passenger, Grolsch International export director Guus Klatte. The wreckage was not found for two weeks.[10][1][11]

Two trusts he set up before his death, both involving shares in his businesses,[12] were later the subject of several legal battles involving beneficiaries.[13][12] Their value was estimated at $1.2 billion in 2005 and 2006.[7]

See also

References

  1. ^ a b c "Millionaire's body found in wreckage – National – NZ Herald News". nzherald.co.nz. 19 November 2005. Retrieved 16 December 2016.[dead link]
  2. ^ "NBR rich list: Burger baron dining at top table – Business – NZ Herald News". nzherald.co.nz. 30 July 2014. Retrieved 16 December 2016.
  3. ^ a b c d e f g "Missing millionaire – the reclusive wunderkind – National – NZ Herald News". nzherald.co.nz. 6 November 2005. Retrieved 16 December 2016.
  4. ^ a b c "A Kiwi Success Story | Independent Liquor". independentliquor.co.nz. Retrieved 16 December 2016.
  5. ^ PEP deal snaps up New Zealand distiller, The Age, 14 December 2006{{citation}}: CS1 maint: year (link)
  6. ^ Lion's cash bid expected to win the day in battle for Independent, Australian Financial Review, 8 December 2006{{citation}}: CS1 maint: year (link)
  7. ^ a b Billion-dollar battle heads to Supreme Court, The Shout New Zealand, 20 June 2016{{citation}}: CS1 maint: year (link)
  8. ^ Brother of billion-dollar liquor baron Michael Erceg appeals in Supreme Court, Stuff New Zealand, 31 August 2016{{citation}}: CS1 maint: year (link)
  9. ^ "Tycoon at fault in crash - New Zealand News". 31 October 2009.
  10. ^ "NZ liquor baron fatally flew chopper into cloud - report". 19 March 2010.
  11. ^ "Crash Claims Liquor Chiefs – News, Obituaries, Society – NZEDGE". nzedge.com. 21 November 2005. Retrieved 16 December 2016.
  12. ^ a b Beneficiaries not always entitled to trust information, Otago Daily Times, 3 April 2017{{citation}}: CS1 maint: year (link)
  13. ^ Family fights over liquor tycoon's estate, Otago Daily Times, 11 June 2013{{citation}}: CS1 maint: year (link)