Platinum Equity stalks Carlyle Group’s Accolade Wines
As Australia’s second-largest wine group and its advisers bunker down on what’s expected to be a protracted recapitalisation process, Street Talk understands American buyout group Platinum Equity is getting its ducks in a row.
Accolade Wines, backed by private equity giant The Carlyle Group, is sitting on a mountain of debt, including a £301 million ($585 million) Term Loan B due in early June 2025 and a $150 million revolving credit facility that matures in early June 2024, Bloomberg data shows. Its lenders include Bain & Company, Intermediate Capital Group and Investcorp.
Accolade drafted in Rothschild & Co this year to explore refinancing options for its debt.
Accolade Wines makes commercial wine brands including Hardys, Banrock Station and St Hallett. Sam Bennett
Sources told Street Talk Platinum is considering a move, though how far advanced its plans are is unclear. The group has $36 billion in assets under management and isn’t afraid to make big swings.
Its advisers were unknown, although sources noted Gresham and Baker McKenzie have provided advice on previous transactions. Sources suggested Platinum could consider rolling up several lower-end commercial wine brands into one group.
As Street Talk has previously reported, ASX-listed Australian Vintage, the company behind the Tempus Two, McGuigan and Nepenthe wine brands, is running a strategic review of its $100 million business as it battles tough times in the wine market. French wine and spirits company Pernod Ricard has also agreed to sell its Clan Campbell whisky brand to the European spirits company Stock Spirits Group. Clearly, there is an opportunity for cashed-up investors to consolidate the sector.
Accolade is the company behind 50 wine brands including
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