Sydney-based Champ Private Equity has now completed its A$290 million purchase of an 80% stake in the company, whose brands include Hardys, Banrock Station, Kumala, Fish Hoek and Echo Falls.
Troy Christensen remains chief executive of the business. He said: “The management team is looking forward to working with the new owners who are bringing open mindedness, fresh energy and an expansive approach to the business. Management and Champ consider the new name to be consistent with their aspirations for the future of the company.”
Champ managing director John Haddock, said: “I think everyone knows there are a number of challenges facing the wine industry but it’s an important industry and we will be enthusiastic advocates for it.
“We see Accolade Wines as a company with strong fundamentals, a sound competitive position, a capacity to grow and an opportunity to re-invigorate its brands.”
He added: “Whatever Accolade Wines produces or sells should be deserving of merit. Champ wants Accolade Wines to win praise from everyday consumers and from its business partners for the wines and services it provides.”