Accolade announces acquisition of Australia’s Fine Wine Partners
Accolade Wines and Lion confirm they have have reached an agreement in which Accolade Wines will acquire Lion Australia’s premium wine business, Fine Wine Partners (FWP). This acquisition is a further step in Accolade Wines strategy as the leading provider of New World wine.
Fine Wine Partners is focused on iconic, regionally distinct varietals in premium growing regions and brings together an enviable portfolio of pre-eminent wineries and brands.
Accolade Wines Deputy CEO Michael East said: "Over the last 5 years, we have experienced significant growth and expanded our global footprint through the acquisition of Geyser Peak in the United States, Grant Burge Wines in Australia, Mud House in New Zealand and Vina Anakena in Chile.
"The acquisition of the FWP business and brands will strategically enhance Accolade Wines product leadership, complementing our current brand portfolio, while integrating seamlessly into our business model. An expanded premium offering responds to a shift in consumer preferences for quality wine, while allowing us to better meet the needs of our customers.”
The sale includes FWP’s six Australian fully owned brands Petaluma, Croser, St Hallett, Knappstein, Stonier and Tatachilla, its four Australian wineries, including all plant and equipment, land and vineyards, inventory and the on-and-off-premise distribution network. The sale price and the specific terms and conditions are confidential.
"These brands, from Australia's most renowned wine regions, represent a very exciting acquisition for Accolade Wines as we further enhance our premium wine credentials and portfolio," said East.
A six-month transition has been agreed to ensure an orderly change of ownership for all stakeholders.