Accolade Wines owner Bain Capital has agreed to buy Pernod Ricard’s portfolio of brands in Australia, New Zealand and Spain for an undisclosed sum.
The transaction includes the Jacob’s Creek, Orlando and St Hugo brands in Australia, Stoneleigh, Brancott Estate and Church Road in New Zealand and Campo Viejo, Ysios, Tarsus and Azpilicueta in Spain.
In a statement, Pernod Ricard said its wine brands will benefit from the focus required to achieve their potential, reinforce their position, and seize new opportunities. The deal also allows the company to direct its resources to its spirits and Champagne brands.
“The transaction is the result of Pernod Ricard’s continuous assessment of its strategic opportunities, in line with its longstanding policy to deliver sustainable value for its shareholders, employees, clients and partners,” the firm said.
The transaction still needs to be approved by the Australian Competition & Consumer Commission and is expected to close in the second half of next year.
According to the Australian Financial Review, Accolade Wines and Pernod Ricard first entered talks about the deal in May. At the time, sources said Pernod Ricard’s Australian assets could be worth $500 million.
Accolade, parent of Hardy’s, Croser, St Hallett, Grant Burge and Banrock Station among others, is sitting on a $572 million debt due in June next year and a $150 million revolving credit facility maturing this year.
The company had previously been in merger discussions with Australian Vintage but later walked away from the deal.
