Global private equity firm The Carlyle Group has agreed to buy Australia's Accolade Wines for A$1 billion (US$770 million), Accolade's majority owner CHAMP Private Equity has announced.
CHAMP, which owns 80% 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%, 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.
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