Carlyle Group Acquires Largest Australian Winemaker

American investment firm Carlyle Group announced on Thursday that it has acquired the largest Australian winemaker Accolade Wines in search of opportunities to expand its business in the Asia-Pacific region.

Accolade Wines is the fifth largest wine producer in the world by production volume, and Carlyle Group purchased it from Australian CHAMP Private Equity, which owns 80 percent of the shares, and from American alcoholic beverage distributor Constellation Brands for one billion Australian dollars (769 million US dollars).

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Australia is the fifth largest wine exporter in the world, and Carlyle Group decided to pursue the acquisition after Australian wine exports to China, the largest market for Australian wines, surged last year by 63 percent to 848 million Australian dollars, reported the BBC.

Australian investment firm Champ established Accolade Wines in 2011 after acquiring the Australian and European operations of Constellation Brands for 290 million Australian dollars. Accolade Wines exports its products to over 140 countries worldwide. Its headquarters are in Australia, but more than two-thirds of its revenue is generated abroad, with an annual export value exceeding 350 million Australian dollars.

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Carlyle Group is expected to encourage further expansion of Accolade in Asian markets, particularly in China, The Australian Financial Review reported on Thursday.

American Carlyle Group is among the largest investment firms in the world, managing assets valued at over 178 billion dollars.