Garry Cuddy has been appointed to head Spendthrift Australia.

Garry Cuddy has been appointed to head Spendthrift Australia.

Spendthrift Farm

Spendthrift Buys Australia's Yallambee Stud

After purchase of Yallambee Stud, new venture will be called Spendthrift Australia.

B. Wayne Hughes' Spendthrift Farm has acquired Yallambee Stud in Victoria, Australia, to be the home of its new Australian Thoroughbred operation. Named Spendthrift Australia, the venture will include breeding, racing, stallions, and buying and selling in the local sales market.

Spendthrift has ramped up its interest and involvement in Australia's Thoroughbred industry in recent years, and the acquisition of Yallambee Stud makes Spendthrift a resident of the Australian Thoroughbred community.

"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 Hughes, who has owned Spendthrift since 2004, in a statement. "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."

"We have been impressed with the quality of bloodstock in Australia and how vibrant the industry is as a whole," said Spendthrift general manager Ned Toffey in a release. "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."

Spendthrift Farm has appointed Garry Cuddy to head Spendthrift Australia. Cuddy has many years of local and international experience from his former positions with Vin Cox Bloodstock and 

"This is a very exciting opportunity for me, and our programs will be great for the Australian industry," said Cuddy in a release. "We have plans to stand stallions in 2015 at the former Yallambee Stud, and will announce our roster in the near future.

"We are delighted to announce that Rick and Christie Woodard have agreed to stay on and manage the farm. They bring a wealth of knowledge and many years of experience with them, which is great for Spendthrift."

Mark Toothaker of Spendthrift Farm discusses the strategy for Yallambee Stud:

MarketWatch: Mark Toothaker