US firm looks to Asia after buying SA-based Accolade Wines
UPDATED | US private equity firm The Carlyle Group is looking to Asian markets after buying out major Australian wine company, Accolade Wines – the owner of more than 50 labels including Hardys.
Banrock Station is one of Accolade's many Australian brands. Image: accolade-wines.com
Carlyle managing director David Bluff says there is significant growth potential for Accolade in major wine markets in the Asian region.
Accolade has a portfolio of prominent brands that includes St Hallett, Petaluma, and Banrock Station and is a major producer of cask wines.
“With our expertise in the consumer sector and access to a global network, we look forward to working with the management team to support the company’s Asia growth strategy and the continued development of its business,” Bluff said.
Accolade, based in South Australia, is the largest winemaker in Australia and the world’s fifth-largest by volume, delivering about 35 million cases to more than 140 countries annually.
Former Murray Goulburn chief executive Ari Mervis has been appointed executive chairman of Accolade Wines, a role he will step into in August.
Carlyle has been active in Australia in recent years, including buying Sydney-based iNova Pharmaceuticals in September and selling its stake in Coates Hire to Seven Group in October.
The firm said as of the end of March, it has invested more than $US2 billion ($A2.6 billion) of equity in 10 transactions in Australia over the years.
Accolade’s full Australian portfolio. Image: accolade-wines.com
– AAP
