Accolade Wines changes hands

Accolade Wines brand Hardys

Australian winemaker Accolade Wines has been bought by US private equity firm the Carlyle Group for one billion Australian dollars (£548m).

Former owner Champ Private Equity more than trebled its original investment with the sale, having paid A$290m when it purchased Accolade in 2011.

The deal comes as Australian wine exports climbed to record highs in both value and volume last year, partly due to strong demand from China.

Angus Grierson, Managing Director of LGB Corporate Finance said: “Carlyle’s purchase of Accolade will help the firm to cash in on demand from China’s burgeoning middle class for western consumer products.

“The deal will help cement Accolade’s well-established brands in the Asian region, enabling the business to further capitalise on the increasing Chinese middle class demand for wine. The value of wine exports to mainland China grew by 63% in 2017 and if U.S. wines are subjected to higher tariffs when imported into China, it would directly benefit Australian companies, like Accolade, knocking on China’s front door to capitalise on a growing market.”

Accolade is Australia’s biggest winemaker and the fifth-largest in the world by volume. It has an extensive portfolio of labels including Hardys, the UK’s number one wine brand, and Banrock Station.

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