04/07/2015 2:26PM

Spendthrift acquires Australian farm

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Spendthrift Farm, one of the key players in the North American Thoroughbred breeding and racing industry, has acquired Yallambee Stud in Victoria, Australia as the home of its new Australian Thoroughbred operation.

The farm, which will be known as Spendthrift Australia, will be involved in breeding, racing, the stallion market, and local sales. The farm’s stallion roster for the upcoming 2015 Southern Hemisphere season will be announced at a later date.

“Joining the Australian Thoroughbred community, with its great horsemen and long-standing traditions, is one of the most exciting things we've ever done here at Spendthrift, and it's something we've aspired to do for a long time,” said B. Wayne Hughes, who has owned Spendthrift since 2004. “Spendthrift has always taken a real partnership approach with our breeders in the United States, and will look to do the same thing in Australia.”

Spendthrift has already made notable forays into the Australian bloodstock market, including the purchase of a Sepoy colt for a record $1.2 million at the Magic Millions Gold Coast yearling sale in January.

“We have been impressed with the quality of bloodstock in Australia and how vibrant the industry is as a whole,” Spendthrift general manager Ned Toffey said. “We are excited to develop an operation in Australia that mirrors what we have built in the States. Through the stallions we stand and the programs we offer, we have always tried to provide breeders the best value possible, and we will look to replicate this at Spendthrift Australia.”

Garry Cuddy, whose local and international experience includes positions with Vin Cox Bloodstock and Bloodstock.com.au, will head Spendthrift Australia. Rick and Christie Woodard, who have been at the helm of Yallambee Stud, will stay on to manage the farm.