Wine sale to PE firm
Source: Agencies |
December 25, 2010, Saturday
|
Print Edition
Print Edition
CONSTELLATION Brands Inc is selling 80 percent of its Australian and British wine business to an Australian private-equity firm for about US$230 million, losing its distinction as the world's biggest wine company.
The seller of Robert Mondavi wine, Svedka vodka and Corona beer will retain a 20 percent stake, and the deal with Sydney-based Champ Private Equity is expected to be completed by the end of January.
New York-based Constellation Brands bought Australian vintner BRL Hardy Ltd for US$1.1 billion in a 2003 deal that made it the world's largest wine business. It jumped further ahead of longtime wine leader E&J Gallo Winery of Modesto, California, when it bought Robert Mondavi Corp for US$1.3 billion.
Offloading its Australian-British unit will drop the company to No. 2 behind Gallo in both volume and sales of wine. But it will remain the biggest seller by volume of premium-category wines priced between US$5 and US$15 a bottle.
The seller of Robert Mondavi wine, Svedka vodka and Corona beer will retain a 20 percent stake, and the deal with Sydney-based Champ Private Equity is expected to be completed by the end of January.
New York-based Constellation Brands bought Australian vintner BRL Hardy Ltd for US$1.1 billion in a 2003 deal that made it the world's largest wine business. It jumped further ahead of longtime wine leader E&J Gallo Winery of Modesto, California, when it bought Robert Mondavi Corp for US$1.3 billion.
Offloading its Australian-British unit will drop the company to No. 2 behind Gallo in both volume and sales of wine. But it will remain the biggest seller by volume of premium-category wines priced between US$5 and US$15 a bottle.
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