Fri, Apr 06, 2018 - Page 10 News List

Accolade Wines bought in A$1bn deal


US-based investor The Carlyle Group has bought Australia’s biggest wine producer, Accolade Wines Ltd, for A$1 billion (US$768 million) as it seeks out growth opportunities in the Asian region, the firm said yesterday.

Accolade Wines, the world’s fifth-largest wine company by volume, was sold to Carlyle by Australia’s CHAMP Private Equity, which owns 80 percent in the firm, and US alcohol distributor Constellation Brands Inc.

“This is a company with great brands and strong market positions, with multiple growth opportunities, particularly in Asian markets,” Carlyle said in a statement. “We look forward to supporting Accolade Wines with Carlyle’s global resources, and investing in the business and working with staff, suppliers and customers to drive growth.”

CHAMP created Accolade Wines after buying Constellation Wines’ Australian and European units in 2011 for A$290 million, and built up the company.

Accolade Wines exports to more than 140 countries, and while it is headquartered in Australia, the business derives more than two-thirds of its earnings offshore.

The firm exports more than A$350 million of wine annually from Australia.

Carlyle is expected to continue Accolade’s push into the Asian market, particularly China, the Australian Financial Review reported yesterday.

Based in Washington, Carlyle is one of the world’s largest investment management groups, with US$178 billion in assets.

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