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Australian Vintage talking to Accolade

By Monday 26 February 2024March 19th, 2024No Comments

Australian Vintage Limited – whose brands include McGuigan, Tempus Two and Nepenthe – says it is in “exploratory discussions” with Accolade Wines.

“Australian Vintage Limited (ASX: AVG) notes recent media speculation regarding consolidation in the Australian wine sector and a potential transaction between AVG and Accolade Wines,” the company says in a statement to the Australian Stock Exchange.

“As noted in AVG’s half year 31 December 2023 results released to ASX on 21 February 2024, AVG’s strategic review has identified a number of initiatives with the potential to maximise shareholder value, including potential transformational mergers.

“AVG confirms it is in exploratory discussions with Accolade, however these discussions are still at a very early stage, and there is no certainty that any transaction will eventuate.

“AVG will continue to update the market in accordance with its continuous disclosure obligations.

“For the purpose of ASX Listing Rule 15.5, Australian Vintage Limited confirms that this document has been authorised for release by the board of directors.”

A Bain Capital-led consortium has finalised its recapitalisation of the debt-laden Accolade Wines, bought by the Carlyle Group in 2018 for $1 billion.

Australian Wine Holdco is the new owner.

Photo: Nepenthe cellar door in the Adelaide Hills.

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