CHAMP-owned Accolade to acquire NZ wine brands

The deal - which is subject to approval by New Zealand's Overseas Investment Office - helps build upon Accolade's existing portfolio of New Zealand wines while enabling the company to expand its distribution in Asia, Europe, the US.

"New Zealand wine is respected and sought after around the world and we see this as a fantastic opportunity to further increase the sales, marketing and distribution of the Mud House and Waipara Hills brands in particular," said Michael East, Accolade Wines' general manager for Australia and New Zealand, in a statement.

Accolade - perhaps best known for the Hardys wine brand - came into being after CHAMP bought Constellation Brands' UK and Australian interests, including its South African brands, wineries and vineyards, in January 2011 for approximately $290 million. Constellation Brands owns 20% of Accolade, with CHAMP controlling the remainder.

In November 2011, GE Capital extended a GBP150 million ($234 million) cross-border financing facility to Accolade, to be used to supplement working capital and capital expenditure as the company also looked to expand inorganically.

In January last year, the company bought a majority stake in Chinese wine distribution business Shanghai CWC Wine Trading. The acquisition is intended to serve as a platform for Accolade's expansion into the China market.

Five months later it expanded its North American base by acquiring Californian brands Geyser Peak, Atlas Peak and XYZin, together with their assets and inventory, from Ascentia Wine Estates.

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• Topics
• Australasia
• Buyout
• Consumer
• Australia
• buyout
• Consumer
• CHAMP Private Equity