Australia’s largest winemaker, Accolade Wines, is to be purchased by a US personal fairness agency.
The Carlyle Group has agreed to purchase the maker of Hardys wine from Australia’s Champ Non-public Fairness for 1bn Australian ($769m; £546m).
The deal comes as Australia’s wine exports to China, its largest market, expanded by 63% to A$848m last year.
Australia is the fifth largest exporter of wine on this planet.
Accolade is the primary winemaker in Australia by quantity, and the fifth largest winemaker on this planet.
Champ created the agency in 2011 when it purchased two separate divisions from Constellation Manufacturers for A$290m – lower than one-third of its agreed sale worth to the Carlyle Group.
Accolade delivers 38 million instances of wine to 140 nations, together with China, the US and the UK, and has a collection of well-known labels together with Hardys, St Hallett and Grant Burge.
The agency’s largest rival in Australia is Treasury Wine Property – one of many world’s largest publicly listed winemakers and the makers of Penfolds wine.