Well-known Australian wines including Petaluma, St Hallett and Stonier are under new ownership after Hardys owner Accolade Wines bought them from food and beverage company Lion.

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Accolade buys FWP from Lion

Lion, previously known as Lion Nathan, has sold its entire premium Australian wine business, known as Fine Wine Partners (FWP), to Accolade, including six brands – Petaluma, St Hallett, Stonier, plus Croser, Knappstein and Tatachilla – and four wineries.

The deal, rumoured to be worth about A$100m, also covers all plant and equipment, land and vineyards, inventory and the business’s on- and off-premise distribution network.

However, the acquisition does not include Lion’s New Zealand wine assets, including Lindauer, Wither Hills and Huntaway, or its wine business in the US.

‘An expanded premium offering responds to a shift in consumer preferences for quality wine, while allowing us to better meet the needs of our customers,’ said Accolade deputy chief executive Michael East.

‘These brands, from Australia’s most renowned wine regions, represent a very exciting acquisition for Accolade Wines as we further enhance our premium wine credentials and portfolio.’

Earlier this year, Accolade owner CHAMP Private Equity drew up plans to float the company on the stock market in a likely A$1bn IPO in the first half of 2017.