April 4, 2018 / 10:30 PM / 3 months ago

Carlyle agrees to buy Australia's Accolade wines for $770 mln

SYDNEY, April 5 (Reuters) - Global private equity firm The Carlyle Group has agreed to buy Australia's Accolade Wines for A$1 billion ($770 million), Accolade's majority owner CHAMP Private Equity said on Thursday.

CHAMP, which owns 80 percent of Accolade, maker of wine brands such as Hardy's and Petaluma, said in a statement that it and Constellation Brands, which owns the remaining 20 percent, agreed to sell their holdings to Carlyle.

CHAMP formed Accolade out of its purchase of Constellation's Australian brands for A$290 million in 2011. Carlyle and Constellation were not immediately available for comment. ($1 = 1.2957 Australian dollars) (Reporting by Tom Westbrook, Editing by Rosalba O'Brien)

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