Accolade Wines is one of the world's leading premium wine companies. It is the #1 wine producer and exporter from Australia, and the local market leader in the UK, a key market for Australian wines. In the US, the company's brands are represented by local importer Quintessential. Total volumes for 2019 were around 27m cases, split between around 45 brands from different New World markets. The group's biggest brand overall is Australia's Hardys, one of the world's top ten by volume with sales of 8.9m cases in 2019. It is supported by Banrock Station, Grant Burge, Jam Shed, Mudhouse of New Zealand and others. Accolade's main brand from the Americas is Echo Falls, also among the Top Ten globally at 3.1m cases. Other important brands include Kumala from South Africa and Chile's Anakena. Blended wine brand Stowell's is the UK's top-seller in the on-trade. The business was formed in 2010 by the demerger of the Hardy Wine Company of Australia as well as various European businesses then owned by US-based Constellation Brands, which had accumulated a substantial international wine portfolio over a series of years. Following independence, Accolade expanded its portfolio further with a series of acquisitions including several US wines, while also divesting several non-core activities, including its remaining stake in Matthew Clark, a UK-based distribution and cider joint venture. Accolade's biggest rival both domestically and internationally is countrymate Treasury Wines Estates. Private equity owner CHAMP had been expected to issue an IPO of the business in 2017; instead it sold it on in 2018 to US private equity firm Carlyle for A$1bn. Robert Foye, previously COO at rival Treasury Wine Estates, was named as CEO in 2020. As a private company, group financials are not disclosed. However, the UK arm of the business reported turnover of £473m in ye Jun 2019 and a net profit of almost £16m.
Capsule checked 29th December 2020
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Adbrands Weekly Update 12th Apr 2018: Australian wine producer Accolade - owner of Hardy's, Banrock Station and other brands - has changed hands again and this time former owner Constellation Brands has taken the opportunity to offload its remaining 20% stake in the business. Constellation originally bought the Hardy's wine group in 2003 - just as the Australian wine business was passing its peak into over-supply. It proved an expensive error, and Constellation sold 80% of the business, along with some other assets, to Australian private equity firm CHAMP in 2011. Now CHAMP and Constellation are both cashing out, selling Accolade to a Chinese subsidiary of US private equity giant Carlyle for around $770m, more than twice the 2011 valuation. Volumes are around 35m cases.
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