Australia: Lion’s Fine Wine Partners to be acquired by Accolade Wines
Accolade Wines, one of the world’s largest wine companies, is to acquire Fine Wine Partners (FWP) in Australia for an undisclosed sum.
In a press release, Lion, the Australian alcoholic drinks, soft drinks and dairy firm that owns Fine Wine Partners, described it as "a quality fine wine business offering exposure to the attractive and growing premium wine segment in desirable viticultural regions".
"However, following a comprehensive strategic review it became clear that considerable investment would be required to grow FWP to scale", it added.
Commenting on the move, Lion CEO Stuart Irvine said: “Lion has a range of competing opportunities for investment in its core categories of beer and cider and has been unable to prioritise the investment required to grow Fine Wine Partners to a size justifying its fixed cost base. With the improvement in market conditions we have come to the decision that this is the right time to realise a fair price for the business".
The sales includes Fine Wine Partners' brands Petaluma, Croser, St Hallett, Knappstein, Stonier and Tatachilla, as well as four Australian wineries including all plant and equipment, land and vineyards, inventory and the on-and-off-premise distribution network.
The acquisition is set to complete in six months "to ensure an orderly change of ownership for all stakeholders", the company said.